Facebook Purchases Instagram for $1 Billion 0

If you’ve been with us for a while, chances are you’re already very familiar with Instagram. However, if you’re just tuning in, pretty much all you need to know about the mobile application (available now for both iOS and Android) is that it allows you to snap a picture, apply a filter, and share it with your friends. This sharing can be done either through Instagram’s dedicated client or through popular social networks including Twitter and Facebook.

Since its creation, Instagram has grown to be massively popular, amassing over 30 million accounts as of this month. And while this is great for the service itself, it’s perhaps not so great for the investors backing the operation because, well, Instagram has yet to generate any revenue. That all changed yesterday, however, when Facebook announced that they would be acquiring the start up for a hefty $1 billion in cash and stock.

That’s right, the world’s most popular social network has acquired the world’s most popular mobile based photo network for a massive sum. Not only will Instagram presumably become Facebook’s native photography application, but it’s also been confirmed that all 13 Instagram employees will be making the jump to Facebook.

As of right now there is still a lot of concern, as people wonder if Facebook will ruin the magic that has made Instagram so great. Luckily, according to Facebook CEO Mark Zuckerberg, this shouldn’t be the case. In fact, despite being absorbed by the social networking behemoth, Instagram will live on as an independently managed entity within Facebook.

Sounds good to us, but if you really want to jump ship and bring all of your photographs with you, services like Instaport.me will allow you to export all of your Instagram photos quickly and easily. Of course, if you ask us, this will only be good for Instagram, as they will now have access to almost limitless capital and top notch engineers.

What do you think of the buy-out?

[Reuters]