Instabillionaires – Instagram Bought By Facebook

Instabillionaires – Instagram Bought By Facebook

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 By Kate Marchant

 

 

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Instagram has been snapped up by Facebook for a massive $1 billion.

The photo-sharing app has quickly found success, allowing users to share their beautifully edited photos through Facebook and Twitter. The app has 17 artistic filters to apply to your pictures, transforming every day phone snaps into album-cover-worthy images with just the click of a button.

All of the filters have a wonderful vintage feel, meaning people could easily mistake your digital pictures for faded prints. Users can also add captions to their images, creating a photographic status update. It’s a very cute app indeed, but there isn’t very much to it that makes it unique. So why is Zuckerberg investing such a huge amount in Instagram?

The company is under two years old, employs just 13 full-time staff and has no revenue to speak of. However, Instagram has done very well in the mobile app world. The app has 30 million iPhone users and now has 5 million Android users having only been released on the Google operating system last week. The strength of Facebook in the early days of social networks was the photo-sharing facilities – superior to those of their rivals.

It is thought that the reason that Facebook have jumped at the opportunity to buy Instagram is because of the ease of use on mobile devices. It can definitely be said that mobile computing is becoming increasingly popular, possibly due to the fact that users can instantly access their Facebook accounts wherever they are, and strengthening the mobile aspects of Facebook can only be a positive move for the social networking giant.

In a statement about the buyout released on Monday, Zuckerberg said, “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. These and many other features are important parts of the Instagram experience and we understand that.

"We will try to learn from Instagram's experience to build similar features into our other products. At the same time, we will try to help Instagram continue to grow by using Facebook's strong engineering team and infrastructure. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook. We're looking forward to working with the Instagram team and to all of the great new experiences we're going to be able to build together.”

The buyout has earned Instagram’s founder and chief executive Kevin Systrom a reported $400 million, and co-founder Mike Krieger has received $100 million. Another $100 million will be distributed between the company’s other 11 full-time staff members, some of whom only joined the company this year. For just two years’ work on the app, the company’s overnight success is phenomenal.

So – smart move or mistake? Do you love or hate Instagram? Share your thoughts below.

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