Social Networking, Iphone App | featured news

Poor Instagram users. First, their beloved photo-sharing application moves from iPhone-only exclusivity to the Android phone masses. A week later, Facebook swallows up the tiny startup behind the app for $1 billion. The purchase sparked worries that Facebook might shutter Instagram or change it for the worse by harvesting their personal information or shoving ads into their carefully curated photo streams.

Can a two-year-old photo sharing app really be worth $1bn? It would buy you some some 2,100 Rolls Royce Phantoms. Or 200 million mosquito nets to fight malaria. Or the whole of the New York Times company (with $50m change to spare). If you are Microsoft, it buys you some 800 AOL patents to fight the next patent war.

Speaking to reporters on Thursday, Facebook’s CEO Mark Zuckerberg said that the social network has plans to “launch something awesome” next week. There’s no official word on what will be announced, but we suspect it’s going to be the new iPhone photo-sharing service that we saw just last week.