Another Facebook Competitor Bites The Dust? Instagram vs. Camera
Today’s news is somewhat disturbing for Instagram lovers such as me and several tens of thousands of others who have loved the app for its simplicity and ability to snap a photo on the run via iPhone and upload while also sharing with connections on Twitter and Facebook in addition to the Instagram stream.
Facebook was apparently already under development with its new Camera photo sharing mobile app, set for launch later today, when it agreed to acquire Instagram for $300 million in cash and 23 million shares (that’s $1 billion). That private bedroom deal made CEO to CEO was quick, quiet and involved few others. It made Instagram founders gazillionaires, too.
Read More →Facebook Owns Instagram: Will You Stay?
Before I start reading everyone else’s blog (Danny Brown’s just arrived in the box) post about Instagram to sway my opinion, I’m going to just say right now in a timely way… this is all in a day’s work, right?
Companies buy competitors to enhance offerings
They buy sexy upstarts to be sexier themselves
They buy companies to add more customers
They buy companies to play in a sector they’re not
They buy companies just to recruit that company’s CEO (see below)
They buy companies that have NO revenue just because they can!
Today’s Wall Street Journal tells it like it is:
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