Facebook is to buy the photo-sharing application Instagram for $1 billion.
The hugely popular app allows users to add filters and effects to pictures taken on smartphones.
- Instagram first launched in January 2011
- It has gained about 30 million users
- Currently lacks any significant revenue sources
In a blog post Facebook's founder Mark Zuckerberg said:
The team behind Instagram said the deal would help the app evolve and develop:
Until last week Instagram was only available on the iPhone until a version for the Android market was made available.