Facebook just bought Instagram for $1 billion in cash and stock. Instagram is a mobile-only photo-sharing app. It grew from 1 million users in January 2011 to 15 million in December 2011. It has 30 million users now.
What's great about it is that it is very fast – especially compared to Facebook. With the Facebook iPhone app, there are 6 screens a user has to go through before a user can actually take a picture. With Instagram, there is one.
In February, Instagram was described as the biggest threat to Facebook.
Read more: http://www.businessinsider.com/facebook-buys-instagram-2012-4
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