Facebook Acquires Instagram for $1 Billion
Earlier today, Mark Zuckerberg announced Facebook’s purchase of the mobile app Instagram. The app offers a fast way to edit and share photos and is popular among a wide variety of social media users. That said, it’s no surprise that Facebook and Google have been trying to buy the company for the past 18 months.
Instagram currently boasts over 27 million users (on iOS alone). With last week’s Android launch, the user community is predicted to grow to over 50 million. These growing numbers were increasingly positioning the service as a social network, not just a photo-sharing app.
The Future of Instagram
While some critics fear this purchase means the end of Instagram, Zuckerberg has no plans to dissolve the company. In his Facebook post, Zuckerberg writes:
“We’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.”
Instagram’s stability is echoed in a blog post by CEO Kevin Systrommade soon after Zuckerberg’s announcement:
“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.”
With this acquisition, Instagram will have access to the gargantuan design and engineering resources offered by Facebook, a notable change after operating with an impressively small number of employees. At this point, it would seem, the deal allows Instagram to remain functionally independent while maintaining most of their company culture.
For competing apps like Hipstamatic, Snapseed and PicYou, this is terrifying. Instagram was already one of the most attractive photo-sharing apps, but with the strength of Facebook’s community now backing Instagram, there really seems to be no stopping it.