Facebook Acquires Instagram for $1Billion
Photo sharing app Instagram is being bought out by Facebook for $1 billion. According to a post by Facebook CEO Mark Zuckerburg,
This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users. We don’t plan on doing many more of these, if any at all. 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.
According to Instagram CEO Kevin Systrom,
It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.
What will happen in the future with Instagram is uncertain. Instagram recently rolled out it’s app in the Google Play marketplace (Android), so reports of 30 million iOS users has to be added to the new expanding Android market. The popular photo app had over 1 million downloads on the first day in the Google Play marketplace.
Will you continue to use Instagram?