Facebook signed a deal today to acquire the photo-sharing smartphone app Instagram in a deal valued at roughly $1 billion, the largest acquisition from the social media site to date.
Instagram, a 2-year-old startup, has accumulated users at a rapid rate—it currently boasts over 33 million users. The enormous financial gain clearly signals an upgrade for the startup, which only has around a dozen employees.
Mark Zuckerberg has issued a statement insisting that Facebook will keep the integrity of the app, and build upon its success for a bigger user base. Instagram's CEO, Kevin Systrom, promised that "Instagram is not going away," and will maintain many of it's old features. (You'll even be able to keep your Instagram followers separate from your Facebook followers.
What do you think--are you an Instagram user? Will the app be compromised by this new deal?