Founded by Kevin Systrom and Mike Krieger in 2010, the app saw rapid rise in its early years and was acquired by Facebook in 2012 for $1 billion in cash and stocks. In September 2018, both Krieger and Systrom resigned from the company due to ongoing clashes with Zuckerberg and declining autonomy. On October 1st, 2018, Adam Mosseri was unveiled as the new CEO.
History
Developed from an idea Kevin Systrom had for an app which would combine photo sharing with aspects of a social media platform, Instagram was a huge success on launch, growing to more than 10 million users within the first year. It now has more than one billion monthly users, 500 million of whom are active every day. It is the second most engaged network after Facebook.
Description
Instagram is a social media platform primarily focused on the sharing of photos, videos, and locations. 71% of its users are under the age of 35 and they spend an average of 53 minutes per day on the platform. It has also become a major marketing tool with around 71% of all US businesses using it in some way.
