Facebook announce on Monday that it purchased Instagram for $1B. Instagram is a very popular photography app, that just recently branched out to Android cellular devices, where people can take a picture and apply effects to them and post them wherever they like. Instagram has rapidly gain popularity and doesn't seem to be stopping now. Facebook purchased Instagram as an attempt to draw more consumers who rely on smartphones and tablets for their digital needs. Two of the biggest media outlets have teamed up and it will make it hard to surpass them.
P.S. 551-day-old Instagram is worth $1 billion. 116-year-old New York Times Co.: $967 million.
Source (Washington Post)
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