Instagram has hit the 500 million user milestone as the site continues to pull clear of Twitter and Snapchat.

Instagram announced the news in a blog post, boasting that there are now more than 500 million 'Instagrammers', 300 million of whom use the service every day. More than 95 million photos and videos are shared a day.

The Facebook-owned site has rocketed past Twitter, which has struggled to move past the 310 million active user mark, while Snapchat reportedly has over 100 million users.

"As you've captured and shared the moments happening around you, you've formed incredibly varied and diverse communities," Instagram said.

"Whether you're an illustrator, a sneakerhead or an astronaut on the International Space Station, every photo and video you share helps bring people closer to friends and interests, broadens perspectives and inspires a sense of wonder.

"Thank you for your creativity, your openness and your passion for sharing your worlds with one another. We canít wait to see what you create next."