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Largest social network in the world Facebook is acquiring the popular photo-sharing app Instagram at a staggering price tag of $ 1 billion, according to the official website of the company.
The price of such a deal may be too much for an app, but still according to experts the Facebook has acted smartly to acquire the only challenge it was facing in photo sharing sphere.
The deal should be closed in this quarter in the form of cash and stock.
Mark Zuckerberg while commenting in a blog post said that this was an important milestone for Facebook, as it’s the first time the company is acquiring a product and company with so many users.
According to Mark, Instagram will remain a standalone application. Customers will still be able to decide whether to publish the images taken with the application on their Facebook page or any other resource.
Initially, Instagram app, released in October 2010, supported only the photos taken by iPhone. However, just a few days back, developers released a version for Android. The audience of the project has more than 27 million users worldwide.
The twenty seven year old Instagram founder and CEO Kevin Systrom told New York Times, that every minute about two thousand people were getting registered with the app. Every day more than five million photographs are being added in the service, and till date users of Instagram have shared more than a billion photos.