Facebook Owns Instagram
Facebook bought the widely prominent photo-sharing application Instagram Monday, for approximately $1 billion in a combination of money and stock.
Facebook CEO Mark Zuckerberg revealed the acquisition in a blog post on his Facebook Timeline Monday.
The sale is expected to shut later on this quarter, and will bring the nine-person staff of Instagram to the social media network.
Facebook Owns Instagram
" For several years, we have actually concentrated on building the very best experience for sharing images with your family and friends," Zuckerberg claimed in the article. "Now, we'll have the ability to work a lot more very closely with the Instagram team to also provide the very best experiences for sharing attractive mobile images with individuals based upon your passions."
Zuckerberg went on to say that the business will certainly be improving Instagram's strengths and also functions as well as expanding the app separately as opposed to "simply attempting to incorporate every little thing right into Facebook."
Facebook intends on keeping functions within the application that permit pictures to be published on other socials media, and the capability to have followers and follow people who are not always your Facebook close friends.
" We will certainly try to learn from Instagram's experience to construct comparable features right into our various other products," Zuckerberg stated. "At the same time, we will attempt to assist Instagram remain to expand by using Facebook's solid engineering group and also framework."
Instagram Chief Executive Officer Kevin Systrom resembled Zuckerberg's declarations on the Instagram company blog site including "We're psyched to be signing up with Facebook and are thrilled to construct a better Instagram for every person."
Instagram launched its iphone app in October 2010, and came to Android for the first time recently.
This is the very first time Facebook has acquired a firm or product with many users. "We don't plan on doing much more of these, if any type of at all." Zuckerberg claimed. "However offering the most effective picture sharing experience is one reason why a lot of individuals like Facebook and we knew it would certainly deserve bringing these 2 companies with each other."