Tuesday, April 10, 2012

Facebook Buys Instagram

The social network announced Monday that it is buying photo-sharing service Instagram, a two year-old San Francisco-based company that has attracted more than 30 million users, for $1 billion in a cash and stock deal.

The deal marks an attempt by Facebook to maintain dominance in an area that has proved one of its stickiest and most popular features: photo sharing. At the end of last year, Facebook users were uploading more than 250 million photos a day, on average, according to Facebook's filing with the SEC. The social network's members also spend nearly a fifth of their time on the site browsing photos, a 2011 comScore study found.

In an update posted on his Facebook profile, Facebook co-founder and CEO Mark Zuckerberg explained that the "talented team" at Instagram will be joining Facebook to help the social network add new features to its photo-sharing offerings.
Read details: Huffington Post


Post a Comment

Twitter Delicious Facebook Digg Stumbleupon Favorites More

Design by Free WordPress Themes | Bloggerized by Lasantha - Premium Blogger Themes | Web Hosting Bluehost