Facebook Acquires Instagram For A Staggering $1 Billion
Wow, no one was expecting this, Facebook’s CEO Mark Zuckerberg has just announced that Facebook bought famous photo sharing social network Instagram for a staggering $1 Billion. The acquisition was announced in a note from the CEO himself on Facebook:
I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.
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.
That’s why we’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.
Instagram is one of the largest photo sharing social network with over 30 million active users. Remember that the company launched their Android App just over a week ago and analysts believe that Instagram will cross 50 million active users milestone pretty soon.
Instagram won many awards in very short period, it was also crowned as Apple’s app of the year in 2011. Instagram is the 10th most downloaded app on iOS devices.
More details regarding this acquisition would be available pretty soon.
We will keep you updated on this, stay tuned!