In April of 2012, Kevin Systrom and Mike Krieger (aged 28 and 26) sold their startup, Instagram, to Facebook. Facebook purchased the photo filter app 18 months after its launch for $1 billion: $300 million in cash, the rest in Facebook stock.
Instagram has since become full blown social media, with expanded video, group, and chat options and their latest adaptation, taking a page from its parent Facebook, displaying posts by personal user relevance rather than in chronological order. Instagram users have shared over 30 billion photos to date, and now share an average of 70 million photos per day. Its no surprise that the app will bring in $600 million in mobile ad revenues worldwide this year, and $2.81 billion by 2017. And lastly, Instagram is considered the most important social network by more North American teens (at 34 percent) than any other network, including Facebook - becoming the go to social media of this generation,
In other words, resistance was futile. Follow us @ YYCCIES and see you on the grid!
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