Social media giant Facebook takes yet another hit as Instagram’s cofounders announced that they would be quitting the company in a few weeks. The pair handed in their resignations on Monday. Mike Krieger and Kevin Systrom, who developed the popular photo-sharing app in 2010, confirmed their departure today.
This impending exit of Instagram founders is in the trail of resignation of WhatsApp’s remaining co-founder. Jan Koun, the then chief executive of WhatsApp, quit Facebook in May stating that it was “time to move on”. Brian Aton, WhatsApp other co-founder left Facebook in an elaborate fashion by giving $US50 million to a competitor messaging app in November last year.
Mike said that they were “grateful for the last eight years at Instagram and six years with the Facebook team,” and they were “ready for our next chapter” while confirming the dual resignation today. He spoke about their plans to take some time off in order to explore their curiosity and creativity again. He stressed that this was an essential step in understanding what inspires them and match it with what the world needs. This the requisite to building new things.
Facebook bought Instagram for $US1 billion in 2012 from the cofounders.
While nothing has been said officially about why the pair left, rumours have it that there have been rifts between them and Facebook’s leadership as touching dwindling independence and directives to point more users to Facebook from Instagram.
Instagram came up with IGTV, the mobile video streaming service functionality of IG. This recent addition provides new ways for users to shop within the network.
Facebook hasn’t said anything about the Instagram exodus, but it is on the back of a year bugged with scandals of misuse of personal information. The world’s largest social platform has been criticized vehemently with few court cases over privacy issues.
Instagram’s popularity was unaffected in the wake of Facebook’s numerous scandals. Facebook didn’t fare so well during those periods and could be badly hit should any significant change happen to Instagram.
Instagram exceeded 1 billion monthly active users in June and is estimated to generate 70% revenue this year. That is about $US5.48 billion.