The functionality of sharing photos and videos brings new achievements to an app like Instagram. This basic but distinctive Burbn (Instagram’s previous name) software concept received $500K in seed funding, allowing for the development of a product for iOS, Android, and Windows phone. In addition, the project received $57.5 million in total from ten partners following two additional funding rounds.
Kevin Systrom and Mike Krieger, the owners of Instagram, sold the company to Facebook in 2012 for $1 billion ($300 million in cash, the rest in Facebook stock). Instagram is now a free service with a market capitalization of more than $100 billion US dollars.
Instagram’s popularity has influenced a lot of companies. As a result of its popularity, other well-known photo-sharing applications such as Swipe, Snapchat, Vine, Camera, and Flickr have emerged. All of these applications make use of photos and videos, but their key meaning and features differ. After all these apps have discovered what makes them different in the market, the success of social media apps is certain.
