Instragram just doubled their value and pocketed an incredibly good chunk of money, and Facebook is exploring uncharted territory with its big acquirement of a product and company with 30 million users.
Los Angeles, CA (PRWEB) April 10, 2012
RoadFish.com men’s lifestyle and finance magazine applauded Facebook and Chief Executive Mark Zuckerberg’s very recent purchase of the popular photo-sharing application Instagram. Facebook bought Instagram in a $1 billion dollar deal.
Evelyn M. Rusli of The New York Times reported that the recent acquisition is a big milestone for Facebook, being the first time the social media giant has made an acquisition over $100 million. Rusli states that Instagram will give Facebook a “mobile player,” stating that this has been an area of weakness thus far for Facebook. Instagram is reportedly one of the most downloaded applications on iPhone with approximately 30 million users presently.
Instagram is a photo-taking and sharing service, founded two years ago, that is known for letting users upload pictures directly to social media sites and to apply stylized filters to their shots. According to Brian Upbin of Forbes, Instagram was named “iPhone app of the year” in 2011, and is one of the best apps for taking and sharing pictures with an iPhone. It allows users to bring personality to their photos, with filter options to make images look retro or techno, for example. An Android version of the app was reportedly released last week and got millions of downloads within the first day of being available.
Facebook creator and chief executive Mark Zuckerberg posted about the exciting deal on his Facebook page, saying, “I'm excited to share the news that we've agreed to acquire Instagram and that their talented team will be joining Facebook. For years, we've focused on building the best experience for sharing photos with your friends and family. Now, we'll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.”
RoadFish.com’s Senior staff writer is quoted as saying, “I am pumped for the Instragram guys, and I’m excited for Facebook. Instragram just doubled their value and pocketed an incredibly good chunk of money, and Facebook is exploring uncharted territory with its big acquirement of a product and company with 30 million users. I have a feeling good things are in store for both sides.”
In the above-mentioned New York Times article, it’s reported that Instagram was valued at about $500 million dollars last week, and that Instagram closed a financing round last week worth over $50 million with a handful of well-known investors. These include early-Google backer, Sequoia Capital; Joshua Kushner’s firm, Thrive Capital; and LinkedIn investor, Greylock Capital. Facebook’s recent acquisition of Instagram for $1 billion has since caused Instagram’s value to double in just over a week’s time.
RoadFish.com is excited and proud of the Facebook team, who RoadFish’s Editor once collaborated with. RoadFish.com’s Senior staff writer is quoted as saying, “Our editor considers himself incredibly lucky to have been asked to work for Facebook back when they were first ramping up making money with the site, and our whole team is very proud of the guys that are still there for everything that they have accomplished with Facebook. I think the acquiring of Instagram was a great move, and I’m excited to see where it will take everyone involved.”
The above-mentioned Forbes article included a quote from Kevin Systrom, Instagram’s CEO, who is quoted as saying, “It’s important to be clear that Instagram is not going away. We’ll be working with Facebook to evolve Instagram and build the network. We’ll continue to add new features to the product and find new ways to create a better mobile photos experience.” Likewise, Zuckerberg included in his Facebook posting this afternoon his intention of building the Instagram “independently,” stating that Facebook will keep features such as the ability to post photos to other social networks outside of just Facebook, the option to not share Instagram photos on Facebook and keep them private, and also the power to have followers as well as follow people via Instagram outside of one’s Facebook friends.
RoadFish.com is an online men's lifestyle and finance magazine targeted toward men in their 30’s and 40’s that have already attained a moderate level of success in life, and are striving toward more. It goes over current events of interest to this group, such things as exciting adventures, making money, consumer interests, hot chicks, and funny sports stories as well as ways to make more and save more money. It is a publication owned by Purpose Inc.