Facebook buys Instagram for $1billion

That's right, Zuckerberg now owns your favourite retro-styled photo app – but what does this all mean for you and your filtered snaps?

30 million Instagram users in two years gets you a £633m pat on the back from the CEO of the world's biggest social network these days.

Less than a week after photo sharing and filtering app Instagram hopped over to Google Play, Facebook has announced that it's only gone and bought the whole app operation to the tune of US$1billion.

And if you're worried about Mark Zuckerburg destroying his competition, it looks like Instagram CEO Kevin Systrom and his team will be kept together under Facebook's watchful eye – perhaps similar to how YouTube is run slightly separately since Google bought it.

Plus with the danger of Facebook tapping into all those location-tagged photos for advertising revenues, you can always abandon ship and export everything using a third party app like Instaport.

Or there's always Hipstamatic.

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