Facebook buys Instagram for $1 billion

by · April 9, 2012

What is Instagram:-

  • Instagram is a free photo sharing application that allows users to take a photo, apply a digital filter, then share it on a variety of social networking services including Instagram’s own.
  • It lets people add quirky filters and effects to their photos and share them with friends, who can “like” and comment on them.
  • Barely two years old, it has attracted close to 30 million users, even though it only worked on iPhones until last week, when it released an Android version of its app

Now the news is:-  Facebook has acquired Instagram for approximately $1 billion in cash and stock. Mark Zuckerberg, CEO of Facebook, announced the acquisition on his Facebook page.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” Zuckerberg said in the post. “Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.”

Mr. Zuckerberg mentioned that the company will keep running instagram as a separate service for the time being rather than “just trying to integrate everything into Facebook”

Instagram launched its iOS app in October 2010, and came to Android for the first time last week, which crossed more than 1 million downloads within 12 hours.

This is the first time Facebook has acquired a company or product with so many users. “We don’t plan on doing many more of these, if any at all.” Zuckerberg said. “But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.”

 

 

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