That’s a headline I never thought I’d have to write. Earlier this morning Mark Zuckerberg announced that Facebook had acquired Instagram, my favorite app in the world, for $1 billion. The question is: now what?
My immediate concern now is what Facebook is going to do with my photos and all the metadata attached to it. My guess is that they’ll do what they do and sell advertising with it, which is gross to think about. I don’t really fault the Instagram team for making this move, I mean, would you turn down $1 billion? No, you wouldn’t. Here’s hoping that Facebook’s greasy fingerprints remain off of Instagram and the team can continue to develop one of the best apps ever created. Only time will tell where things go from here.
Update: I thought this quote from Dennis Berman was rather poignant.
Remember this day. 551-day-old Instagram is worth $1 billion. 116-year-old New York Times Co.: $967 million.
It’s odd to think that we see an app like Instagram to be valued more than a classic institution. I don’t think that’s necessarily wrong either, it just means that we our idea of what’s importance has changed. Sharing a moment with our friends is perhaps more worth our time than reading an article about economics or the arts.