How is Instagram evolving under Facebook's umbrella?

As Instagram slowly starts to mix in some advertising, the major question for the photo-sharing app is how it will become a source of monetization for Facebook. While Facebook CEO Mark Zuckerberg or COO Sheryl Sandberg might address the early effects of Instagram advertising in its Q2 earnings call on July 23, it’s worth noting that Instagram ads are still in their infancy.

How new are Instagram ads? In a Fortune story published recently about Instagram, noting that CEO and Co-Founder Mark Systrom still personally reviews each ad the limited subset of advertisers design for the app.

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