Tuesday, April 10, 2012
Facebook Buys "Instagram" Photo Sharing Network At $1bn - News Tech Book
Posted on 2:28 PM by Admin
Instagram Getting Sold
Kevin Systrom, the 26-year-old CEO of the San-Francisco based photo-sharing service, which was started just 15 months ago, will net an estimated $400 million. Co-founder Mike Krieger, who holds a 10 per cent stake, and will earn around $100 million.
Facebook's chief executive Mark Zuckerberg has pledged to continue to develop Instagram as a separate brand, allowing it to post to rival networks.
Facebook's chief executive Mark Zuckerberg has pledged to continue to develop Instagram as a separate brand, allowing it to post to rival networks.
"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."
The app is free and allows users to apply 17 filters to the pictures they take - changing the colour balance to give the images a different feel - before they are uploaded.It has proven hugely popular. The firm says that it has more than 30 million users uploading more than 5 million new pictures every day.
Facebook has acquired photo-sharing app Instagram, a two-year-old start-up, for $1 billion in cash and shares. The deal was announced by Mark Zuckerberg on Facebook – but Instagram users immediately took to social networks to denounce the deal. For many, Facebook is already an internet hate-figure – and the prospect of an internet behemoth swallowing up a popular start-up seems to have caused a pretty strong backlash.
Instagram would do well to ignore the noise and remember their roots as they get pulled further into the Zuckerberg fold. Because the single rule of cool is that the way to lose it is to get too popular.
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