Facebook Inc (NASDAQ:FB) was finally able to officially welcome Instagram to its family of businesses today. The two tech companies said in a message that “Instagram isn’t going anywhere”, and promised to improve the photo sharing app. Instagram has seen over 5 billion photos shared through its app so far, and its a major boon for Facebook to acquire the company.
Mike Schroepfer, of Facebook Inc (NASDAQ:FB), wrote in a message, according to Cnet, “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.”
Instagram also voiced their thoughts via this statement:
“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’s acquisition of the photo sharing giant comes at a much needed time. The share price of Facebook has continually dropped since its May 18th IPO, and hopefully Instagram will help attract more users to its platform, and in return help increase revenue. Facebook Inc (NASDAQ:FB) is now focusing on the mobile platform in its advertising, and analysts say this could help turn the company around, albeit slowly.
One thing is certain, Instagram is a very popular app, and I myself have seen many photos shared in my Facebook Timeline by friends and family. If Facebook can find a way to make Instagram profitable in the near future, we could see the share price rally back towards its initial price. However, only time will tell if Facebook will ever fully recover its value in investors eyes.