Facebook to buy Instagram for $1 bn

Washington: Facebook will purchase the popular photo sharing app Instagram for $1 billion, Facebook’s CEO Mark Zuckerberg has announced.



“For
years, we’ve focused on building the best experience for sharing photos
with your friends and family,” Zuckerberg said in a Facebook post
Monday.




“Now, we’ll be able to work even more closely with the
Instagram team to also offer the best experiences for sharing beautiful
mobile photos with people based on your interests.”




He assured
people that Instagram would remain a relatively independent entity.
Users will still be able to post photos to other social networks and opt
out of posting them on Facebook altogether, the Christian Science
Monitor reported.




“This is an important milestone for Facebook
because it’s the first time we’ve ever acquired a product and company
with so many users,” the post said.




Instagram CEO Kevin Systrom
released a statement on the company blog, further assuring users that
while the companies will be joining forces, Facebook won’t monopolize
Instagram. Instead, they say, each will help the other flourish.




“It’s
important to be clear that Instagram is not going away,” he wrote.
“We’ll be working with Facebook to evolve Instagram and build the
network. We’ll continue to add new features to the product and find new
ways to create a better mobile photos experience.”




Instagram rose
to popularity after its October 2010 release and now has 30 million
iPhone users, as well as at least one million on Android, according to
the Monitor.

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