Busy Parent Briefing: Why is Facebook Buying Instagram for $1 Billion?Sunny Chanel
Oh, to be Kevin Systrom or Mike Krieger right about now. Why would we trade in our persona to be Mike or Kev? Because today they just became one billion dollars richer. These two Stanford grads are the men behind the popular photo sharing network Instagram, and on Monday Facebook announced they will purchase the app for $1 billion in stock and cash. Why would Facebook pay that much for the start up? Well first off, it’s totally cool. The Wall Street Journal described the company as, “a fun and quirky way to share photos with friends. A user can snap a photo with an iPhone, then choose a filter to transform the look of the shot, with the app originally known for a look akin to old photographs.” Loved by celebrities, hipsters and parents everywhere, Instagram has become a fun, funky and unique way to share images with one’s social networks. Previously, the app was only available on iPhones but last week they released a version that can be used on any smartphone running the Android system.
“We will try to learn from Instagram’s experience to build similar features into our other products,” Facebook’s Mark Zuckerberg said in a statement. “At the same time, we will try to help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure.”
Facebook is making a play to not just spread updates via Facebook but to have a strong graphic and image tool at their disposal as well. And my guess? There was probably some kind of bidding war between Twitter for the company, since many share their Instagram photos via Twitter.
Do you use Instagram?
Image: Via Instagram