Today, Instagram is rated world’s No.1 Photo Sharing App surpassing Flickr, Pinterest and Snapchat.
The story of Instagram’s explosive rise reads like a Silicon Valley fairy tale, with the company gaining staggering momentum within just a few short months. The photo and video-sharing social media application took only eight weeks for software engineers to develop before it was launched on Apple’s mobile operating system in October 2010. In less than two years, Facebook had acquired the company for $1 billion in cash and stock. But like all good tales, the process involved many twists and turns, failures and successes, conflicts and synergies, and a dose of fortuitous happenstance.
- Instagram is a photo and video-sharing social media application that was launched in 2010 by Kevin Systrom.
- The first prototype of Instagram was a web app called Burbn, which was inspired by Systrom’s love of fine whiskeys and bourbons.
- The Instagram app was launched on Oct. 6, 2010, and racked up 25,000 users in one day.
- From the beginning, the primary focus of the app was to feature photographs, specifically those taken on mobile devices.
- Just prior to Instagram’s initial public offering (IPO) in 2012, Facebook acquired the company for $1 billion in cash and stock.
The Bottom Line
While user growth has continued to increase since the Facebook acquisition, Instagram has made a relatively small number of changes to the app, sticking to its simple and intuitive user experience and core focus on photo- and video-sharing capabilities. Despite the high price tag of its acquisition, the company appears to have been a savvy investment on the part of Facebook. In 2019, the market research company eMarketer predicted that Instagram would reach 117.2 million users by 2021. In 2018, Instagram was the second-most downloaded free app on the Apple app store (second only to Youtube’s free mobile-device app. In 2019, there were 1 billion people that used Instagram every month.
Taken from ‘The Story of Instagram: The Rise of the #1 Photo-Sharing Application’ by Dan Blystone at Investopedia. Read the full article here.