Online Photo Application Sells For One Billion $ to Facebook

Published Wednesday, April 11, 2012 -

Competition in today’s internet world is fast and furious so when a story comes along that sees a company that was just established a little less than 365 days ago sells for a billion dollars everyone takes notice. A billion us dollars is not chump change and can go a long way to speeding up any future development in one’s chosen field.

Facebook which definitely has experience in the quick success department as well as a bankroll the size of some small countries has purchased Instagram for a billion dollars in cash and stock in Facebook. Instagram in case you’re not totally in synch with today’s latest social networking applications is a photo-sharing smartphone app that has blossomed to the most popular application on the Apple App Store, with more than 30 million users uploading as many as 5 million photos per day. The app just went to the Android market recently and is getting nearly one million new users a day since it was launched. Facebook did not wait until other firms looked into owning the free picture sharing application that is expected to develop new opportunities for Facebook and Instagram. The process allows photo uploading that can be edited with seventeen filters to change the appearance before sending on via smartphones.

Mark Zuckerberg founder of Facebook wrote on his own page, “We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience.”Zuckerberg continued, “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.” Burbn Inc., the parent firm of Instagram raised about $60 million to boost its value recently to $500 million. The mega deal is proof that the social networking trend is here to stay.

Related news

Return to Latest News