Facebook Buys Instagram For $1 Billion
Facebook announced today that it has reached an agreement to acquire the popular photo-sharing app Instagram for US$1 billion in cash and shares.
Both Facebook co-founder Mark Zuckerberg and Instagram CEO Kevin Systrom have released statements confirming the move.
Says Zuckerberg: “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.”
According to Systrom, the Facebook’s acquisition is a way to “evolve Instagram and build the network” and that the Instagram team will continue to develop the app, and add new features.
This surprise move comes just days after Instagram released an Android version.
It is still too early to tell how this will pan out, but perhaps for Facebook, the relationship could change how photos are handled on the social network.
“We will try to learn from Instagram's experience to build similar features into our other products,” says Zuckerberg. “At the same time, we will try to help Instagram continue to grow by using Facebook's strong engineering team and infrastructure.”
[via Tech Crunch]