April 10, 2012

Facebook buys Instagram for a Billion

The big news in Social Media today is the acquisition of Instagram by Facebook for a Billion dollars worth of cash and stock. For a small company of only 13 employees that works out at $77 Million per employee.

This ignited a storm of news reports, blogs, shares, status updates and tweets around the web. Instagram is a mobile photo sharing application with approximately 30 million passionate users. Fans of Instagram, wary of facebook, lamented the sale worried that their favourite app would be engulfed by the social media giant and changed forever. In fact 60% (at the time of this post) of respondents on a Mashable Poll selected: “I don’t like it. I think Facebook will find a way to screw Instagram up.” But facebook’s not stupid.

Mark Zuckerberg posted on his facebook page that they:

“will be mindful about keeping and building on Instagram’s strengths… our goal is to help spread the app and brand to even more people… we’re committed to building and growing Instagram independently.”

If Mark Zuckerberg puts it in writing, I think it’s safe to say he will keep his word. As for the world of Social Media, it’s an historic day with the social media giant making it’s largest acquisition ever.

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