Instagram: what is Facebook getting for $1bn?

In my job I guess it’s unsurprising that I keep hearing things aboutphotography. “Facts” like half of all pictures ever taken were taken in the past 12 months. Could that be true? It might be if some people are taking pictures of every meal they eat. A colleague talking to a fellow guest at a wedding, who was sporting the brand new Canon 5Dmk3 costing £3,000 — was he a pro photographer? Oh no, he just wanted the best for his photographs. $1bn for Instagram.

Yes – $1bn for a smartphone app that makes your snaps look like retro Polaroids and sends them to your friends. It probably does a lot more than that, but to misquote Mark Knopfler that sounds a whole lot of money, if not exactly for nothing, really not that much.

see full story here http://www.guardian.co.uk/technology/2012/apr/10/instagram-facebook-1bn-social-network

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