Facebook has over three million advertisers on its social media network. Around 70% of these are from outside the US and a majority are small and medium businesses.

Facebook said in a post on 2 March that it has witnessed a 50% rise in the total number of advertisers to reach three million mid-size companies from all over the world. "We believe that the best way to tell the story of three million businesses is to empower each one to share their own," the post mentioned.

Businesses pay Facebook as little as $1 (£0.71, €0.92), up to $1000 per day to run promotions on the social media platform, based on the type of bidding, cost-per-click or cost-per-impression. Many businesses come to Facebook to run advertisements because it allows them to define their target audience based on age, gender and location. Advertisers can also set an audience target they want to reach out to, and upon touching that threshold, the ad would stop appearing on Facebook.

According to the Menlo Park-headquartered company, over 1.5 billion users visit its site every month and there is ample of scope of bringing more businesses on the platform. The three million advertisers are just a fraction of overall companies that have created a page on Facebook. The company is looking at to increasing its advertiser-base by offering new tools and concepts for marketing over mobile devices. This week, the tech giant introduced a new tool that allows users to create marketing videos incorporating images and an audio tune. The video will be automatically be posted on the Facebook page of the business owner.

"To celebrate the businesses that use Facebook to grow, we've created Your Business Story — a tool that makes it easy to create a video that shows what your business brings to the world," the post elaborated.