Quartz: Instagram could generate at least $2 billion in advertising revenue next year, RBC analyst Mark Mahaney estimated in a new research report about Facebook’s untapped opportunities. For context, $2 billion is almost 10 percent the amount Wall Street is estimating for all of Facebook’s 2016 revenue. It’s also double the $1 billion that Facebook famously offered for Instagram in 2012 — which was a surprising number at the time. “That may sound way too aggressive, and is highly contingent on how quickly Facebook decides to monetize Instagram,” Mahaney said.