Facebook Buys Instagram for £600 million

It was announced today that Facebook have bought competitive social network Instagram for $1 bllion - around £629 million. The photo-uploading app app is free and allows users to apply 17 filters to the pictures they take. Apparently home to over 30 million users, uploading more than 5 million new pictures every day. Considering the company has 13 employees I would say they each got a pretty hefty pay packet out of facebook. 
Mark Zuckerburg, Facebook's founder said : 
"We plan on keeping features like the ability to post to other social networks, the ability to not share your Instagrams on Facebook if you want, and the ability to have followers and follow people separately from your friends on Facebook." 

Recently having expanded so that the app is available on phone and media devices other than those made by apple, the phenomenon has the potential to expand in popularity and usage in the future.