Instagram's strategy of stealing Snapchat features is paying off beautifully

Instagram app is seen on an iPhone

Instagram created a stories feature and then Facebook, which owns Instagram, implemented that on their own platform.

Instagram said this was the fastest rate the app gained 100 million users in its history. In just four months' time, almost 100 million users were added to the 600 million in December while it took six months to come to 600 million from 500 million.

Instagram recapped all its new features including Instagram stories, live video, geo stickers, disappearing messages using 'Instagram Direct', carousel posts and 'Collections' that it has introduced to improve the user experience and engagement.

Instagram reached 700 million monthly active users this week after seeing record growth in recent months. That feature, which allows users to post photos and videos that disappear within 24 hours, is a direct competitor to Snapchat.

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Instagram had reached the first 100 million user base in 2013 and surpassed 200 million in the next year (2014).

Just think of all the brunch pictures 700 million Instagram users can generate.

Instagram didn't provide updated numbers on daily active users, and did not have new stats for Instagram Stories. Interestingly enough, approximately 560 million of Instagram's total user base now resides outside of the United States, a data point which speaks to the site's broad appeal across the globe. While most have been taken from its rivals, the lack of innovation hasn't affected their adoption by users. Last Fall, Instagram debuted Stories, a near carbon copy of Snapchat's Stories, which had gained a huge following and threatened Instagram's grip on users.

The app is closing in on Facebook's other services, including WhatsApp and Facebook Messenger, both of which have over 1.2 billion active users each month.