Jobs knows it’s taken long enough, but Facebook’s purchase of Instagram is finally a done deal. Both companies have announced the finalized deal on their blogs, and in today’s world, that’s as official as you get! Oh, and by the way, Instagram’s users have now shared over five billion photos.
This finalized purchase comes a few weeks after the FTC closed its investigation into the deal, and less than a week since the state of California finished a “fairness hearing” on the proposed deal.
Facebook’s stock has dropped since the deal was originally announced, so the value of the deal is way below the $1 billion that was originally published. The final price isn’t known as of yet, but it’s probably down around $750 million, as was reported last week.
This has been a big year for Instagram, which saw it release an Android app, and saw its userbase double in just 4 months.
Facebook has reaffirmed its promise to keep the Instagram app running independently, which should please all of the Instagram users, now some 80+ million strong.
The Instagram announcement about the news today, on its blog:
This is an exciting time for us – the community continues to grow and over 5 billion photos have now been shared through Instagram. We’re humbled that so many people around the world use Instagram to share their lives with friends through photos. From weddings to epic pilgrimages through the Spanish countryside, we’re constantly amazed by the stories that are shared on Instagram, and we thank you for being a part of this growing community.
What makes this even more exciting is that our deal with Facebook has closed, which means we can now work together to evolve and build a better Instagram for everyone. While our team is making the short move to the Facebook offices, Instagram isn’t going anywhere. The Instagram app and its features will stay the same one you know and love, and we’ll keep working together to build a better Instagram for everyone.
Facebook attempted to reassure Instagram’s users that their favorite app isn’t going anywhere:
As we said from the beginning, we are committed to building and growing Instagram independently. Instagram will continue to serve its community, and we will help Instagram continue to grow by using Facebook’s strong engineering team and infrastructure. We also can’t wait to work with the talented Instagram team to improve the mobile experience.
So for now, looks like things will remain the same, but promises are made to be broken, and are a way of life in the tech world. It’s Facebook’s app now, for better or for worse.