When Schultz completed his research on whether Instagram would cannibalize Facebook, the leaders read the data very differently. Zuckerberg thought the research showed that it was likely Instagram would threaten Facebook’s continued dominance—and that the cannibalization would start in the next six months. Looking at the chart years into the future, if Instagram kept growing and kept stealing users’ time away from Facebook, Facebook’s growth could go to zero or, even worse, it could lose users. Because Facebook’s average revenue per user was so much higher, any minutes spent on Instagram
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