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Why Facebook buys Instagram for $1bn, What is Instagram!

Instagram is a free photo sharing program launched in October 2010 that allows users to take a photo, apply a digital filter to it, and then share it on a variety of social networking services, including Instagram's own. A distinctive feature confines photos to a square shape, similar to Kodak Instamatic and Polaroid images, in contrast to the 4:3 aspect ratio typically used by mobile device cameras.

Instagram was initially supported on iPhone, iPad, and iPod Touch; in April 2012, the company added support for Android camera phones running 2.2 (Froyo) or higher. It is distributed via the iTunes App Store and Google Play.

On April 9, 2012, Facebook announced it would acquire the company (and its 13 employees)[1] for approximately $1 billion in cash and stock, with plans to keep it independently managed.

Popularity


By December 2010, Instagram had one million registered users. In June 2011 Instagram announced five million users, passing ten million in September the same year.
Instagram announced that 100 million photos had been uploaded to its service as of July 2011. The total reached 150 million in August. In April 2012, it was announced that over 30 million accounts were set up on Instagram.
Instagram's new Android version in Google Play crossed more than one million downloads within 12 hours.

Award

  • In January 2011, Instagram was the runner-up for "Best Mobile App" at the 2010 TechCrunch Crunchies.  
  • In May 2011, Fast Company listed CEO Kevin Systrom at number 66 in the "The 100 Most Creative People in Business in 2011".
  • June 2011, Inc. (magazine) included co-founders Systrom and Krieger in its 2011 "30 Under 30" list.
  • In September 2011, Instagram won "Best Locally Made App" in the SF Weekly Web Awards.
  • 7x7 Magazine's September 2011 issue featured Systrom and Krieger on the cover of their “The Hot 20 2011” issue.
  • In December 2011, Apple Inc. named Instagram "App of the Year" for 2011.
Source: Wikipedia.org and instagram.com
Why Facebook buys Instagram for $1bn, What is Instagram! Reviewed by Sartaj Husain on Thursday, April 12, 2012 Rating: 5

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