The social media and business juggernaut better known as Facebook bought photo-sharing application Instagram for $1 billion. This acquisition seemed to come completely out of the blue.
There was not much buzz involving Facebook and Instagram prior to last year, but apparently Mark Zuckerberg and Facebook have had their eyes on Instagram long enough to purchase the software for a hefty sum.
Instagram is a relatively new app and has only been on the scene for a little over a year, but has managed to gain so much support and popularity because of its easy-to-use, playful and interactive service. The $1 billion dollar buy was mind-boggling considering that Instagram was a free app and created no revenue.
Apparently Facebook showed its heavy interest in Instagram with the purchase. Some speculate that the purchase was made because of fear of what Instagram could become and also the wavering of popularity with Facebook.