Instagram is getting deeper and deeper into e-commerce (Did you see the new AR "try-on" ads?), but how is this affecting marketers' metrics?
Here's what we found when we analyzed 371 million impressions and nearly 2 million clicks for ads on Instagram to surface median CPC, CPM, and CTR.
Be sure to read the Q3 2019 PPC Benchmark Report for additional ad performance trends. Check out our Benchmark Report page for the latest reports by quarter.
Instagram Feed Placement CPC, CPM, & CTR for Q3 2019 at-a-glance
In Q3 2019, we analyzed 245 million ad impressions and over 1.8 million clicks for ads in Instagram Feed.
- Median CPC in Q3 2019 was $0.83
- Median CPM in Q3 2019 was $7.00
- Median CTR in Q3 2019 was 0.84%
Instagram Feed Placement CPC down 50 cents Y/Y
Median CPC rose 16 cents since last quarter, but is still down 51 cents from the same time last year.
- CPC increased by 23.9% since Q2 2019
- CPC decreased by 38.1% year over year since Q3 2018
Instagram Feed Placement CTR up 90% Y/Y
Median CTR for ads on Instagram Feed decreased to 0.84%, nearly double what we observed in Q3 2018.
- CTR decreased by 4.5% since Q2 2019
- CTR increased by 90.9% year over year since Q3 2018
Instagram Stories Placement CPC, CPM, & CTR for Q3 2019 at-a-glance
In Q3 2019, we analyzed 126 million ad impressions and over 684,000 clicks for ads in Instagram Stories.
- Median CPC in Q3 2019 was $1.07
- Median CPM in Q3 2019 was $6.89
- Median CTR in Q3 2019 was 0.46%
Instagram Stories Placement CPM rises sharply
Median CPM increased $2.95 from last quarter and is significantly higher than it was a year ago in Q3 2018.
- CPM increased by 74.9% since Q2 2019
- CPM increased by 46.9% year over year since Q3 2018
Instagram Stories Placement CPC up 40% Q/Q
Median CPC rose 31 cents since last quarter, but is still down 4 cents from the same time last year.
- CPC increased by 40.8% since Q1 2019
- CPC decreased by 3.6% year over year since Q3 2018
Instagram Ad Trends Q3 2019
Instagram engagement down: A study by Trust Insights analyzed over 1.4 million Instagram posts from the beginning of January to the middle of June this year. Their calculations found that the maximum average engagement rate for the accounts included in the study was 1.54%. Engagement rate now hovers around 0.9%, which is down 1.1% from earlier this year. One thing to note is that the study only measured engagement with feed posts. It did not take into account engagement with stories.
No more Likes?: What is Instagram without Likes? The company is seriously considering making its way down that road, and has been aggressively testing removing Like counts. In one such test in Canada, Likes were hidden from public view, but you could still see who Liked a post if you wanted to. Instagram explains, “We want Instagram to be a place where people feel comfortable expressing themselves. This includes helping people to focus on the photos and videos they share, not how many likes they get.”
Back-to-back ads in Stories: Similar to Facebook packing more ads into the same space, Instagram is testing showing back-to-back ads to some users who are viewing Stories. The ads will come from different brands, and Instagram was quick to point out they’re simply gathering info at this point. The company says the focus will always remain on providing a good user experience.
Download the entire report for all the stats on CPM, CPC, and CTR benchmarks for Facebook, LinkedIn, Google Ads, Google Display Network, YouTube, Twitter, and Bing.