Facebook Buys Instagram For $1 Billion, Yes that's with a "B"
Instagram is the hottest app out there for smartphones, but what does facebook do? Make sure they protect their brand and buys the company for the astronomical figure of $1,000,000,000!
So who is actually using the app that is like a combination of Twitter and Twitpic? Here's a few photos we've snagged from Instagram that can be viewed on the net from a user with an "approved" image of Rihanna, ?uestlove from The Roots, and Rocsi of 106 & Park (note the number of followers for the former Power 92 Chicago midday personality). Looks like facebook is staying ahead of the technology and social media curve with this acquisition... How long will it be before facebook buys Twitter?
From TECHCRUNCH- Facebook has just finished a deal to acquire mobile photo sharing app Instagram for approximately $1 billion in cash and stock. Instagram will remain an independently branded standalone app that’s separate from Facebook, but the services will increase their ties to each other. The transaction should go through this quarter pending some standard closing procedures.
Last year, documents for a standalone Facebook mobile photo sharing app were attained by TechCrunch. Now it seems Facebook would rather buy Instagram which comes with a built-in community of photographers and photo lovers, while simultaneously squashing a threat to its dominance in photo sharing.
At 27 million registered users on iOS alone, Instagram was increasingly positioning itself as a social network in its own right — not just a photo-sharing app. And it was clear that some users were doing more of the daily sharing actvities on Instagram rather than Facebook’s all-in-one mobile apps, which had to be cluttered with nearly every feature of the desktop site.
Read more at Techcrunch