Facebook buys Instagram for $1 Billion
Today Facebook bought instagram for 1 billion U.S dollars. That seems like a lot of cash and to most it is; if someone came to me and offed a billion dollars for a program I created, I would jump all over the opportunity. I could blog all day and never have to worry about getting a job!
Keep in mind that the one billion is both cash and stock in the Facebook company. The purchase of this app is a great move for Facebook since it is used by so many people to share their photos with friends and family. A total of 250 million photos were posted everyday (on average) by Facebook’s users last year.
For years, we’ve focused on building the best experience for sharing photos with your friends and family.
Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.
We will try to learn from Instagram’s experience to build similar features into our other products.
At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.
Facebook is committed to building and growing instagram independently.