Instagram is a very succesful iOS and (recently) Android app. It is a 2-year-old photo sharing and editing app.
This afternoon, Mark Zuckerberg announced that Facebook would be buying Instagram for $1 Billion.
For years, we’ve focused on building the best experience for sharing photos with your friends and family. 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. [...] We believe these are different experiences that complement each
other. But in order to do this well, we need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook.
-Mark Zuckerberg, CEO and Founder of Facebook
Kevin Systrom, the CEO of Instagram, said that Instagram is not going away. Systrom said that by allowing Facebook to buy Instagram, they would be allowing the brand to spread out to even to people, and have a much larger audience.
Instagram employs 13 people, and the employees will be joining Facebook.
Zuckerberg says that this is an important milestone for Facebook as it is its first acquisition of a product that has such a large user base.
Facebook will be paying the $1 Billion in cash, and in shares. In case you forgot, in weeks Facebook will be opening up on the NASDAQ.
Do you use Instagram? What do you think Facebook will do with Instagram? Leave a comment below.