Instagram tops 200 million users, up 50 million in six months

Instagram has topped 200 million users, up 50 million in just the last six months, the Facebook-owned service said on its blog. Facebook (NASDAQ: FB) announced in April 2012 that it would buy Instagram for $300 million in cash and 23 million shares of stock, making the deal worth about $1 billion at the time. Jaws dropped at the price Facebook was willing to pay, as Instagram was then an 18- month old service with 27 million users and no revenue. Doubts have faded as Instagram has continued to grow at a fabulous rate and recently struck a reported $100 million year-long advertising deal with Omnicom. The company said it has now exceeded 20 billion photos shared since launch in October 2010. Facebook, meanwhile, has made more jaw dropping purchases of early stage companies, notably the $19 billion acquisition of popular Mountain View-based messaging service What'sApp in February, and this week's agreement to pay $2.3 billion for virtual reality headset maker Oculus VR of Irvine.

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Write by: Dj Donk - Wednesday, March 26, 2014