Instagram Sold to Facebook for $1 Billion

Facebook just announced today that they have agreed to purchase the popular iPhone friendly, photo sharing application Instagram for $1 Billion. Holy Cow. That’s a lot of money. The deal is set to close at the end of this quarter…

The transaction is said to be a mix of cash and shares in Facebook. Personally I’d rather have all cash…

Mark Zuckerberg made a post about the purchase saying he is committed to building up Instagram independently of Facebook, and that it will not be integrated with Facebook’s social network.

Good. I don’t wanna see Instagram become bloated with unwanted features that usually just confuse people and complicate things.

Check out the full post below:

I’m excited to share the news that we’ve agreed to acquire Instagram and that their talented team will be joining Facebook.

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 believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook.

That’s why 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.

We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. 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.

These and many other features are important parts of the Instagram experience and we understand that. 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.

This is an important milestone for Facebook because it’s the first time we’ve ever acquired a product and company with so many users. We don’t plan on doing many more of these, if any at all. But providing the best photo sharing experience is one reason why so many people love Facebook and we knew it would be worth bringing these two companies together.

We’re looking forward to working with the Instagram team and to all of the great new experiences we’re going to be able to build together.

Instagram made it’s initial debut on iOS in October of 2010 and recently launched the app on Android receiving more than three million downloads on Google Play in less than 24 hours.

I just hope Facebook’s ongoing fued with Apple doesn’t affect Instagram on iOS. Remember Facebook, we had it first!

Source: AppleInsider

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