Facebook Owns Instagram

Facebook bought the hugely popular photo-sharing app Instagram Monday, for about $1 billion in a mix of cash as well as stock.

Facebook Chief Executive Officer Mark Zuckerberg revealed the procurement in a blog post on his Facebook Timeline Monday.

The sale is anticipated to shut later on this quarter, and will bring the nine-person team of Instagram to the social network.

Facebook Owns Instagram

" For many years, we have actually concentrated on developing the best experience for sharing photos with your family and friends," Zuckerberg stated in the blog post. "Currently, we'll be able to work much more very closely with the Instagram team to likewise offer the best experiences for sharing lovely mobile pictures with individuals based on your rate of interests."

Zuckerberg went on to state that the company will be improving Instagram's strengths as well as features as well as growing the application individually rather than "just attempting to incorporate everything right into Facebook."

Facebook plans on maintaining attributes within the application that enable photos to be published on other socials media, as well as the capacity to have followers and also follow people that are not always your Facebook friends.

" We will certainly try to learn from Instagram's experience to construct comparable attributes into our various other products," Zuckerberg stated. "At the same time, we will certainly try to aid Instagram remain to grow by utilizing Facebook's strong engineering team and also framework."

Instagram CEO Kevin Systrom resembled Zuckerberg's statements on the Instagram company blog site adding "We're psyched to be signing up with Facebook as well as are thrilled to build a much better Instagram for every person."

Instagram introduced its iOS app in October 2010, as well as involved Android for the first time recently.
This is the very first time Facebook has actually obtained a business or item with so many users. "We do not plan on doing a lot more of these, if any in all." Zuckerberg stated. "But offering the best photo sharing experience is one reason that numerous individuals love Facebook and we understood it would deserve bringing these 2 business with each other."

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