Facebook buys Instagram for 1 Billion

So I am sure most of you have heard this news by now.

About Instagram – Instagram has 31 million users and only 13 employees. They offer a free app for iPhone/iPad and just last week (maybe 2 weeks ago) offered an Android version that is still a little unstable.

Was this company worth 1 billion? There are many other apps that do the exact same thing. Couldnt facebook just create their own app and compete? I guess not. I guess the 31 million customers was key.

I wish the Instagram founders much luck in their future endeavors – have fun spending your money and if you want to, you can give me some:)

Posted in Corporate, News and tagged , .