Facebook Acquires Instagram For $1 Billion
Facebook is finalizing the acquisition of photo-app company Instagram for $1 billion. Instagram is a very recent company that is basically social network for photo sharing on the web. Due to its growing popularity, Facebook decided it was in the company's best interest to just buy the company, rather than see increased competition. The sale will make the Instagram employees very rich. There are only 13 employees working for Instagram. This will be just shy of the 12 employees that worked at YouTube when it was sold for $1.4 billion.
The landscape of photography has greatly changed. A photo sharing app just sold for $1 billion dollars, while an old time photo staple, Kodak, declared bankruptcy. The digital age has certainly changed the way people deal with photos.