In this Tuesday, June 19, 2018, photo Kevin Systrom, CEO and co-founder of Instagram, prepares for Wednesday's announcement about IGTV in San Francisco. Facebook’s Instagram app is loosening its restraints on video with a new channel that will attempt to lure younger viewers away from Google’s YouTube and pave the way to sell more advertising. (AP Photo/Jeff Chiu)
Facebook Inc didn't learn from the last two years of Internet scandals.
The company’s Instagram app announced on June 20 a YouTube-like video hangout called IGTV, which I suspect is going to be a hit. Instagram has quickly become a go-to digital home base for younger people and is on its way to becoming Facebook's next huge advertising money-minting machine. Analysts at KeyBanc Capital Markets recently estimated that Instagram’s revenue will top US$22bil (RM88.03bil) in 2020, or about one-quarter of Facebook’s total forecasted advertising sales for that year.
Limited time offer:
Just RM5 per month.
