Following its Android launch and subsequent record-breaking one million downloads last week, you might think Instagram would be all tuckered out when it comes to making news, but no! Adding to its list of unprecedented achievements, we discover tonight that the retro-tastic photo filter app is to be snapped up by none other than Facebook… for a Doctor Evil-esque one billion US dollars (that’s £629 million in real money)!
Mark Zuckerberg’s social site will apparently be bagging the 18 month old app company in an epic deal of cash and stocks, making Instagram’s cofounder and CEO, Kevin Systrom, very, very rich indeed. In fact, imagine the biggest pile of money you can, then times its size by 100, that’s what Kevin will be filtering photos of from now on.
A highly unusual move for Facebook, which tends to favour a Borg approach of buying start-ups and either integrating them or terminating them, it seems the snap app was just too good to resist.
“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,” CEO Mark Zuckerberg wrote on his Facebook page (where else?). “We don’t plan on doing many more of these, if any at all.
“We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience,” he continued. “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.”
Perhaps already too busy wondering how to spend his new outrageous fortune, Mr Systrom simply remarked that he was ‘psyched’ about the deal.