Facebook may finally start to recoup some of the money it paid for Instagram.
Ad Age reports that Instagram has inked an ad commitment with Omnicom, a global advertising company, for up to $100 million in ad spend over the course of a year on the social network.
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A rep for Facebook confirmed the ad deal, but not the price. One source familiar with the matter told us that the price quoted in the Ad Age story was inaccurate.
"This is an exciting new chapter and we’re looking forward to the great creative content that comes out of this partnership," a Facebook rep said in a statement. "Omnicom shares our passion for and understanding of the mobile Instagram community. Along with their clients, they’ll help to continue to set a high bar for creative work that inspires people."
Instagram began testing ads in feeds for the first time in early November. Early advertisers included Michael Kors, Burberry and Ben & Jerry's. Even with the new partnership with Omnicom, Facebook says the number of ads that appear in feeds will remain "limited."
"This doesn’t change our advertising strategy moving forward," the rep said in the statement. "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.”
Facebook stock ended the day down by about 1.5%.