According to Instagram, more than 200 million people use the platform's stories feature each day. That's up 50 million users since January.
Fourth-quarter records for 2016 showed Snapchat as having about 158 million daily users.
Snapchat turned down a $3 billion buyout deal from Facebook, which owns Instagram, in 2013. Since then, Facebook has rolled out its own version of video-sharing developments on its platforms, including Messenger and WhatsApp.
Instagram rolled out new "selfie stickers" and geostickers, reminiscent of Snapchat's geofilters, on Thursday.
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