Facebook buys Instagram for $1 Billion
The social network, with over 800 million members worldwide, spent $1 Billion on the company popular with iPhone and now Android users. In an announcement on the company blog, Instagram said:
When Mike and I started Instagram nearly two years ago, we set out to change and improve the way the world communicates and shares. We’ve had an amazing time watching Instagram grow into a vibrant community of people from all around the globe. Today, we couldn’t be happier to announce that Instagram has agreed to be acquired by Facebook.
They say it’s important to add that Instagram will not go away. They said: “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.”
Whether it means the app will get the full technical and sharing support of Facebook, or develops into a set of filters for photos uploaded through the Facebook applications remains to be seen.
People on Twitter were generally upset about the news:
FB will never make that $1b back, but it’s still smart. Instagram was the only thing challenging their dominance in photo sharing.
— Ryan Block (@ryan) April 9, 2012
Looks like my timeline is unanimously pissed about the Instagram acquisition.
— Ramy Majouji (@majouji) April 9, 2012
— Alex Crawford (@ajc1973) April 9, 2012
And in reaction to saying it might be good:
@AndrewStuart People said that when FB bought drop.io too…
— Steffan Harries (@Bendihossan) April 9, 2012
What do you think? Let us know below, or on Twitter