Instagram on the surface appears very simple. It is an app for your mobile phone that allows you to take a photo, apply a filter to make it look awesome and then you can share it on Twitter, Facebook or to your email straight from the phone.
The headline about this social network was its acquisition for $1 billion by Facebook. This was despite the fact that it hadn’t made a dollar of profit. Despite this sizable investment it could be a very strategic and savvy move by Facebook that confirms its crown as the top photo site in the world. It also reminds me of Google’s purchase of YouTube for $1.65 billion in 2006 which proved to be a great decision in hindsight.
Instagram Facts and Figures
Founded in March 2010 with the initial name of “Burbn” by Kevin Systrom and Mike Kreiger with the $500,000 in seed funding. It was launched in the Apple “app” store in November of 2010. In February of 2011 they raised an additional $7 million including an investor called Jack Dorsey of Twitter fame.
Instagram reached the milestone of 1 million users in December 2010 (only 9 months after being founded and only 1 month after going live in the Apple “app” store)
In August 2011 Instagram users had uploaded 150 million photos
10 million users were using the app by September 2011
Version 2.0 released including high resolution photo capability
The release of the Android app version saw 1 million downloads in 1 day!
April 2012, Instagram reaches the new milestone of 30 million users
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