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Facebook is set to step up its efforts of monetizing Instagram thanks to a recent announcement where it stated that it will be expanding its advertising services on this photo-sharing app.

During the last quarter, Facebook launched Instagram ads services in Germany, Brazil and Japan. However, the social media giant recently revealed that advertisers can access the Instagram ads service in 30 additional countries, among them India, South Korea, Spain, Italy and Mexico.

At the moment, Instagram is still a small source of revenue for Facebook.However, market pundits say that this application will manage up to $ 1 billion in terms of sales this coming year. In a recent blog post, the social networking company said that Instagram drives strong branding results and out of the measured campaigns, 97% of them are showing significant levels of ad recall.

Instagram is among the many platforms that Facebook is yet to monetize

Facebook has huge potential in terms of revenue generating apps. Other than being the proud owner of Instagram, Facebook also has WhatsApp and Facebook Messenger. At the moment, Instagram has over 300 million users; however, Facebook Messenger has over 700 million users while WhatsApp has over 900 million.

A few weeks ago, Facebook revealed the M digital assistant that has already been launched on its Messenger app, but only for select users. The virtual personal assistant will help users of Messenger with everything they need, be it making a hotel reservation, booking a flight or even buying gifts for your friends. The new Facebook M comes into the world that is already dominated by Apple’s Siri, Google’s Now and Microsoft’s Cortana. Furthermore, Facebook recently launched Facebook Mentions, a live broadcast channel where celebrities can easily interact with their fans using live videos.

Facebook is in competition with Google, Apple, Twitter and Microsoft

Facebook has always been in constant competition with other major players such as Microsoft, Apple, Google and Twitter. The same completion has brought them to the advertising front, with each of them working hard to attract marketers to their platforms. However, it seems Facebook is being very cautious about this move as it aims to keep satisfying users fully.

Facebook has taken into building new ad formats options as well as ad buying options for all of its video-based ads. In these ads, the company is also looking to enhance the targeting capabilities. It has also been noted that Facebook is testing other options related to the monetization of videos with the more than 40 million businesses that own Facebook pages.

As of July 2015, Facebook app was listed as the most popular smartphone app, followed by Facebook Messenger. Instagram was also on the list of the top 10 most popular smartphone apps, hence the renewed focus of Facebook on this photo-sharing app with respect to advertising.