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Facebook Buys Instagram for $1 Billion

ForTheCityForTheCity Los Angeles, CAPosts: 307Member

http://www.forbes.com/sites/bruceupbin/2012/04/09/facebook-buys-instagram-for-1-billion-wheres-the-revenue/

So facebook just purchased instagram for $1 billion. I was wondering since instagram is free and I assume most people who use instagram are also fb users, where is the benefit from purchasing them? I don't see them as huge competitors to fb just because you can use fb from home and on the go. Most people just use instagram on the go. So what was the point of it?

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