Facebook Buys Instagram for $1B, Twitter Freaks Out. In case you missed it earlier Monday, Facebook has agreed to terms to buy popular photo filtering and sharing site Instagram for $1 billion. Yes, a billion. To read the full story, click here.
Not familiar with Instagram? As the aforementioned story states, “Instagram lets people apply filters to photos they snap with their mobile devices and share them with friends and strangers. Some of the filters make the photos look as if they’ve been taken in the 1970s or on Polaroid cameras.”
But it is more than that. Instagram has 30 million users (including NBC10). This deal took place roughly 551 days after Instagram’s launch, meaning that they made $1B in value in less than 2 years. The company also employs only 13 people! And with a valuation of $1 billion, that means each Instagram user is worth approximately $33 a piece.
The web justifiably freaked after the announcement (this is a big deal in the social media and technology space), and as people often do to share instantaneous reactions to big events, they turned to Twitter to tell others about it. It was no different for members of The20.
@christopherwink: Wait, is that $33 per user? $1 billion for Instagram’s 30 million users?
@mikeyil: u mad? re: FB & Instagram instagr.am/p/JNQiW2mbzN/
@mikeyil: So what you’re saying is that @Instagram just acquired nearly a billion “photographers?”
If you’re an Instagram user, how does this acquisition make you feel? Oh, and perhaps overshadowed on Monday, we’ve launched the #PhillyGram project with Instagram here at NBC10 (so if you’re on the service, be sure to tag your photos)!
[Facebook, NBC10, @christopherwink, @mikeyil]
Photo: Getty Images