Facebook Agrees to Buy Instagram for $1 Billion

(Ping! Zine Web Hosting Magazine) – Social networking giant Facebook recently announced one of its highest profile moves yet. On Monday, the company revealed that it had agreed to acquire file sharing application provider Instagram for a total of $1 billion.

“For years, we’ve focused on building the best experience for sharing photos with your friends and family,” commented CEO Mark Zuckerberg via his Facebook Timeline.

The social network’s founder continued, “Now, we’ll be able to work even more closely with the Instagram team to also offer the best experiences for sharing beautiful mobile photos with people based on your interests.”

The application itself allows users to filter image content from their mobile devices and share with a number of social networking sites. The move shortly follows the availability of Instagram for the Android OS earlier this month (Instagram originally debuted for Apple’s iOS in October of 2010).

However, if you’re expecting the app to now pertain to Facebook only, think again. Zuckerberg emphasized that his company was “committed to building and growing Instagram independently.”

Zuckerberg stated, “We think the fact that Instagram is connected to other services beyond Facebook is an important part of the experience. We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook.”

The transaction itself is subject to final approval and the $1 billion amount represents both cash and shares.

According to a recent Instagram blog post, the app previously topped 30 million accounts for iOS. Last year Facebook made another high profile move when it announced its integration with VoIP service Skype for video chatting. For more information regarding Facebook’s acquisition of Instagram, view a press release by the company here (newsroom.fb.com).