Facebook investing heavily to improve Instagram
Facebook, Inc. (FB) acquired the photo sharing application, or app, Instagram, last year for $1 billion. During the conference call to announce its earnings, Facebook’s management said it’s making good progress on Instagram. It’s investing heavily to improve the speed and performance of Instagram on Android. During the last quarter, Instagram launched the Hyperlapse app on Apple Inc’s (AAPL) iOS to capture high-quality videos even while in motion.
According to Instagram, “Traditionally, time lapse videos depend on holding your phone or camera still while you film. Hyperlapse from Instagram features built-in stabilization technology that lets you create moving, handheld time lapses that result in a cinematic look, quality and feel—a feat that has previously only been possible with expensive equipment.”
Instagram is a popular smartphone app
According to a report from comScore Mobile Metrix, as of June 2014, Facebook app is the leading social media app among 18 to 34–year olds in the U.S. by smartphone penetration. More surprising, Instagram was the second-most used social media app with a 43% smartphone penetration rate. Twitter Inc (TWTR) and Google+ (GOOG)(GOOGL) ranked fourth and fifth on the list.
Instagram is also the most popular social networking site among U.S. teens. To learn more, read Market Realist’s article, Why Facebook will benefit from Instagram’s popularity among teens.