Meta-owned social media app, Instagram has hit 2 billion monthly active users worldwide, closing in on Facebook's 2.96 billion users, in a sign of the social media giant’s shifting makeup. Meta's total monthly users across its platforms now amounts to 3.71 billion worldwide.

The social media platform which was acquired by Facebook (now Meta) in 2012 hit its first 1 billion monthly active users in 2018. The app has since changed its engagement tactics, subscribing to the short-form video style of TikTok, and recommending content for users based on an engagement algorithm rather than just videos posted by the user's followers.

With the advertisement business now the major revenue driver for Meta, the company is now looking to get its users to spend more time on the platform to increase its ad revenue amidst a shaky and slowing ad market as reported in its third quarter financial report.

Meanwhile, competition continues to mount from rival social media giant TikTok, as it bites hard into the ad revenue market which was largely dominated by Meta and Google.