Facebook is acquiring Instagram and the team will be joining the world’s largest social network, according to a status update from Mark Zuckerberg. Reports suggest that the deal is worth up to $1 billion in cash and shares.
Instagram blew up as an iPhone-only way to share photos with various filters. The service attracted nearly 30 million users and big brands before it finally came to Android last week.n
In a Facebook status, Zuckerberg said:
We believe these are different experiences that complement each other. But in order to do this well, we need to be mindful about keeping and building on Instagram’s strengths and features rather than just trying to integrate everything into Facebook.
That’s why we’re committed to building and growing Instagram independently. Millions of people around the world love the Instagram app and the brand associated with it, and our goal is to help spread this app and brand to even more people.
We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. 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.
On the Instagram blog, the team says that the app “will still be the same one you know and love.” The Instagram team is very small but it has proven to be able to scale into a product that tens of millions love. It will be interesting to see what they can do with the resources of a soon-to-be-public Facebook.
So, it looks like the service will remain independent for a while. What do you think of this deal? Is Instagram worth $1 billion?
[Via Facebook]
