Internal docs: Instagram spent the majority of its global annual marketing budget since 2018 targeting teenagers, as it worries about losing its user "pipeline" (New York Times)

New York Times:
Internal docs: Instagram spent the majority of its global annual marketing budget since 2018 targeting teenagers, as it worries about losing its user “pipeline”  —  The app, hailed as Facebook's growth engine, has privately wrestled with retaining and engaging teenagers, according to internal documents.