Facebook has announced that it will acquire the popular photo-sharing service Instagram. It has been just a few days when Instagram team released its official Android app in the Google Play store and raked in over 1 million downloads in less than 24 hours.
Instagram was launched back in October 2010 and has been one of the most popular apps on iOS. According to the online reports, the Facebook-Instagram deal is worth $1 billion and will be made in cash and equity.
Both the companies confirmed the same on their websites.
For me this is only a strategy for win on Pinterest!
For the giant like facebook,it takes not more than10 days to make an photo sharing app like instagram.So why they wasted 1 billion dolars for purchasing a trivial app