Instagram bought for $1 billion by Facebook: What is hot about the app!

Facebook announced that it made a billion-dollar-deal to buy the startup behind wildly popular smartphone photo sharing application Instagram.

Zuckerberg called the acquisition "an important milestone for Facebook because it's the first time we've ever acquired a product and company with so many users. We don't plan on doing many more of these, if any at all.

An Instagram application tuned to Apple's iPhones, iPads, and iPod touch devices has been downloaded more than 27 million times since the first version was released in late 2010 by the San Francisco startup.

For those who came in late, Facebook bought this mobile app for a whopping $1 billion. ET tells you what's so hot about it?

What it Fixes

> Instagram has created some awesome looking fi lters to transform your photos into professional-looking snapshots.

> It lets you take a picture once, and have it shared instantly on the services of your choice.

> And optimizes the experience to be fast and efficient.