Hook, line and sinker: Instagram crosses 2 billion users, Reels hits $3 billion annual revenue rate

Reels, Instagram’s short-format videos, hit an annual revenue run rate of $3 billion, Meta CEO Mark Zuckerberg said after the company reported a loss in revenue for the second successive quarter. Instagram is a subsidiary of Meta.

The video format was introduced by Instagram in late 2019 to counter rival TikTok’s popularity.