Instagram Now Has 1 Mln. Advertisers

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The company is also planning new tools to help businesses convert to sales, including a tool that will let consumers book appointments directly from Instagram profiles (due later this year). And this should lead these firms to advertise more on Instagram.

When the new feature is added to the app, all business pages will receive a section dedicated to helping users make an appointment. (Instagram also reportedly plans to introduce a reviews feature later down the road.) This certainly isn't the first time Instagram (and more broadly, Facebook) has cribbed an idea from another platform.

The report comes from Bloomberg, which said Instagram should release the appointment-booking feature in "later this year".

Users will be able to book appointments for things like haircuts by visiting a company's profile and tapping a button to schedule such appointments.

Users will have the ability to not just book a visit, but there will be options to call or email the business and a tab for directions. James Quarles, who is the head of advertising at Instagram, says the appeal of the site goes beyond the raw numbers.

Instagram is now home to more than 1 million monthly advertisers and continues to expand features for business profiles. But with more than a million accounts on Instagram, Facebook has another means to generate revenue from the app and fill its mighty coffers.

Before and after pictures of hair, makeup and other services are popular on Instagram but it's hard for businesses to determine what the impact of such posts actually is.