Facebook Buys Instagram For $1 Billion

Instagram – one of the hottest image-based social networks at this point in time – has just been acquired by the world’s foremost social platform, Facebook.

[adsenseyu6]

Instagram CEO Kevin Systrom and Facebook leader Mark Zuckerberg released contemporaneous press statements, and while many of Intsagram’s 30 million + fans may be a little apprehensive about the amalgamation, Systrom was quick to make the point that Instagram will not change, but merely benefit from the acquisition.

Meanwhile, Zuckerberg – whose Facebook network boasts in excess of 800 million active users – was also clearly excited about Instagram. He issued a press release reflective of Systrom’s, and spoke briefly of the direction he plans to take Instagram.

Having built a 27 million-strong base on Apple’s iPhone, the Android version was finally released last week. It’s still early days for the Android iteration, but with a significantly larger consumer reach on the smartphone market than Apple, it’ll be a surefire hit.

Facebook has spent a mighty-might staggering $1 Billion to to acquire Instagram, and I’m quite certain that there will be speculation on that number at some point.

I would say this is a positive move, although I am, like many of you will be, a little skeptical of the large company swallowing up ‘the people’s app’. Let’s hope Facebook’s input doesn’t ruin it.