Facebook Buys Instagram For 1 Billion Dollars

Mark Zuckerberg announced that facebook has acquired the popular app instagram for the impressive amount of 1 Billion Dollars.Instagram is a free photo-sharing application that allows users to take a photo, apply a digital filter, then share it on a variety of social networking services including Instagram’s own.Instagram is one of the most popular apps right now, even from day 1,it had created a lot of impact and commotion. The App is available for apple ,as well as Android devices and distributed by Apple App Store and Google Play.

Instagram was developed by Kevin Systrom and Mike Krieger and was launched on the App Store on October 2010.By December 2010 it had reached 1 million registered users.On June 2011 instagram announced that it had reached 5 million users and on December of the same year it had passed 10 million users.On April 2012,They announced they had tripled their registered user number ,reaching more than 30 million.When the App reached Android devices, it had already 1 million registered users within 12 hours.Instagram has made about 60 million dollars in revenues and has also won several awards including:

“Best Mobile App” from tech crunch

“App of the Year” from Apple inc

“Best Locally Made App” by SF weekly awards.

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