Instagram Signs Advertising Deal with Omnicom
Published on: 9th Mar 2014
Note -- this news article is more than a year old.
Facebook's photo sharing service, Instagram is reported to have signed a global advertising agreement with Omnicom that is said to be worth anything from US$40 to USD100 million.
Omnicom is a major advertising agency with a slew of high profile brands.
The deal is thought to be the first that Instagram has signed with an outside agency as it seeks to ramp up its advertising income.
Instagram only started displaying adverts last November as Facebook started to seek ways of justifying the $1 billion price it paid for the photo sharing service.
However, details about the latest deal are scarce as neither company has said little beyond confirming that an agreement of some sort has been signed.
"This doesn't change our advertising strategy moving forward -- people will continue to see a limited number of beautiful, high-quality photos and videos from select brands who already have a strong presence on Instagram," said Jim Squires, director of market operations for Instagram, in a statement. "Our teams are going to work hand in hand to develop and execute campaigns that provide people with amazing imagery. This is an exciting new chapter and we're looking forward to the great creative content that comes out of this partnership."
Instagram is working with a "very limited number of long-term partners," the companies said.
The deal with Omnicom is said to be for one year.