Technology

Who owns Instagram and how much money does it bring

The number of users registered on Instagram has long exceeded one billion people. Its developers received the same amount of USD after the sale of the project. However, several years later, analysts estimated the service to be 30-50 times more expensive.

More than 890 million people open Instagram every day. Among them are ordinary users, celebrities, professionals, and businessmen. For many, the network has become not just a platform for communication, but a tool for brand promotion. How much did the creators earn from their invention?

What is Instagram?

Instagram was developed as a mobile application for sharing photos and videos, but as its popularity grows, it has acquired all the features of a full-fledged social network. The base of registered users of the service, according to RBC, reached 1.1 billion people in mid-June 2018. According to a study conducted by We Are Social and the Hootsuite service, the number of people who use Instagram daily at the beginning of 2019 was almost 895 million.

Instagram is not an independent company – it exists precisely as a service. In April 2012, it was bought by Mark Zuckerberg’s Facebook company. The current owner of Instagram paid about 1 billion USD for its acquisition.

Zuckerberg owns over 50% of Facebook’s voting rights. In addition, he serves as CEO and Chairman of the Board of Directors.

About the creators

Instagram authors are two people – Kevin Systrom and Mike Krieger.

Kevin Systrom graduated from Stanford University with a BS in Science and Technology Management. Kevin started as a programmer at Odeon, where he was selected for an internship among university fellows. This company later morphed into Twitter. Systrom then worked at Google Marketing, where he contributed to the development of Gmail and Google Reader.

Mike Krieger graduated from Stanford with a master’s degree. Before joining the Instagram project, he worked for Meebo as a user interface designer and frontend developer.

The future creators of the popular service collaborated on the Burbn project. It was a geolocation network with photo processing capabilities. Even then, they realized that people love the idea of ​​sharing moments of their lives through photos.

In 2010, it was decided to collect all the photo processing capabilities from Burbn and make a standalone application. It got the name Instagram. In early October 2011, the developers posted it to the App Store, and it quickly became quite popular. In its first year of existence, Apple named Instagram the best iPhone app, according to techli.com.

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