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Instagram hits the 1m advertisers mark thanks to growth fuelled by small businesses

Instagram has revealed that over 1m advertisers now run campaigns within its walls, saying the majority of brands it works with are small businesses.

The figures mean the number of advertisers using Instagram has grown five-fold from the 200,000 number it cited last year.

In total there are now 8m business profiles on the app, with the company attributing the million marketer mark to its focus on catering to small businesses, which make up the bulk of Instagram's advertisers, and its growing suite of free business tools.

The Facebook-owned company has rolled out several new features for brands on the platform over the past 12 months including business profiles - which allow companies to share contact information and directions - as well as it's Snapchat-inspired ephemeral service Instagram Stories.

The company announced the latest milestone in a blog post, revealing that in 2017 it would integrate a 'booking' function into the app for brands. A preview of the feature can be seen here.

In January, Instagram revealed the first ad formats for its fledgling Stories section of the app in the UK, courting partners like Asos, Nike and Airbnb.