Facebook and Instagram
Ciarán Norris
Background
Facebook has made its biggest purchase to date, buying the increasingly popular mobile photo-sharing app Instagram for $1 billion in cash and stock. Instagram is only two years old, but has racked up around 30 million users in that time; the vast majority of them are on Apple devices as it only launched an Android version on April 3rd. However, Instagram notched up 1 million downloads in the 24 hours after it was launched. What Instagram hasn't racked up at the time of purchase though is any sort of clear monetisation strategy, which is...