Meta Platforms' Instagram has grown to 3 billion Monthly Active Users, CEO Mark Zuckerberg said Wednesday, marking another milestone for one of the most popular social media apps in the world.

Meta last disclosed Instagram's user figures in 2022 when Zuckerberg said the app had hit more than 2 billion monthly active users.

Meta, previously known as Facebook, bought Instagram for $1 billion in 2012, a move that had raised questions about the company's strategy as the social media app had begun with just photo-sharing without significant revenue.

Since then the app has grown astronomically and some firms have estimated it will make up more than half of Meta's U.S. ad revenue this year.

A major factor contributing to Instagram's success is the Reels feature which launched in 2020 and allows users to create short-form content - a market that faces fierce competition from rivals such as TikTok and Google-owned YouTube shorts.

TikTok, owned by Chinese technology behemoth ByteDance, has more than 1 billion users globally who visit monthly, a company spokesperson said earlier this month.