By Julia Boorstin, CNBC Correspondent NEW YORK ( CNBC) -- Even if you're not familiar with blogging service Tumblr, you've probably visited one of the 20 billion blog posts on the 50 million blogs the company hosts. But you may not realize that Tumblr is second only to Facebook in terms of engagement, with its visitors spending an average of 160 minutes on the site each month. What exactly is Tumblr? It allows anyone to set up a free, simple blog. The idea is for users to be able to quickly post a variety of media--not just text, but also photos, video, and links to content from around the web. When users come across something interesting online, they can click 'Share on Tumblr' for the content to show up on their blog.
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