Facebook snap up Instagram for one billion dollars
If you’re a user of the insanely popular Instagram photo-sharing app, you’ll be delighted to learn that it has been bought up lock, stock and barrel by the shifty, insidious Facebook corporation. Hooray! Now all your photos are belong to Zuckerberg.
The weird, all-seeing social network has snapped up Instagram (‘snapped up’ – did you see what we did there?) for a cool one billion dollars (£629m) in cash and stock. But Facebook chief Mark Zuckerberg claims that he’ll develop his new acquisition as a separate entity, crucially allowing it to post to rival networks rather than make it into another part of Facebook. There’s probably some horrendous data-harvesting angle that we haven’t been able to get our heads around yet though.
In case you’re not familiar with Instagram yet, it’s a photo app that can jazz up your boring, staid photos by applying different filters and making them look like they’ve been snapped using old film stock, before you share them with your followers. Throw in the fact that it only launched in October 2010 and now has 30 million users uploading five million new pics each day and only 13 members of staff, it’s pretty much a golden success story.
The success story got even more successier over the past week or so, with Instagram launching on Android and adding a million new users every day. In fact, it’s the sort of thing that the now-knackered Kodak should have bought a year ago if they’d had their wits about them. Ah well, hindsight is a wonderful thing.
TOPICS: Social Media