Instagram now has 800 million monthly and 500 million daily active users

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Both milestones are bad news for Snapchat, which has been struggling to meet Wall Street's expectations on user growth. The figures were shared at an Advertising Week event in New York City by Carolyn Everson, vice president of global marketing solutions at Facebook. It grew from 600 million to that in four months, meaning it accused its latest 100 million at an even faster clip.

Five hundred million of those are daily active users, the company said.

That stat stands in stark contrast to rival Snapchat, which had 173 million daily active users (DAUs) as of August. On the contrary, growth seems to be accelerating, and it may not be long before Instagram reaches Facebook's billion-plus numbers in the future.

Instagram also told TechCrunch that it now has 2 million advertisers on the platform, which is up from 1 million in March. Time spent watching video on Instagram is up more than 80 percent year over year, the company also said on Monday, and four times as many videos are being produced every day on Instagram compared with a year ago.

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