President Trump boasted of an economic boom in his State of the Union address last night. Here’s the NYT fact check of his claims. (Want this in your inbox each morning? Sign up here.)

Instagram is probably bigger than YouTube

In the same week that Alphabet drew back a curtain on YouTube’s money machine, we also now have a better sense of how big Facebook’s Instagram subsidiary is — and it’s even larger.

Instagram collected about $20 billion in ad revenue last year, Sarah Frier and Nico Grant of Bloomberg report, citing unnamed sources. That’s more than a quarter of all of Facebook’s sales last year — and a sea change from 2012, the year that Facebook bought Instagram, when the service had no ads.

YouTube’s reported ad revenue was $15.2 billion last year. And that’s a “gross revenue” figure including money meant to be shared with the service’s content creators. (Those video stars also now want a bigger cut from YouTube.)