Facebook buys Instagram for $1 billion

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Last Week, I wrote about Instagram introducing their new Android app. In just under 24 hours, the app had over 1 million downloads from the Google Play store to add to its 30 million iOS users.

Instagram is back in the news today as Mark Zuckerberg has announced that Facebook will be buying Instagram for $1 billion in stock and cash. Zuckerberg made the announcement in a Facebook post stating, "I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook."
 
Zuckerberg says that Facebook is committed to building and growing Instagram independently. "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."
 
Facebook has made other strategic purchases in the past to strengthen their brand, technology, and employee talent pool. These purchases have usually led to services being integrated into Facebook and then the company or brand shut down. Instagram is Facebook's largest acquisition to date. It will be interesting to see how the Instagram brand grows under Facebook. 

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