Turns out retro photo filters and mobile photo sharing are big business. Just how big? Get this: Facebook has agreed to acquire 17-month-old Instagram for $1 billion in cash and stock. Instagram amassed 27 million users through iOS alone, but Facebook was likely motivated by the photo sharing app’s recent Android launch, which signed up 1 million new members in the first 24 hours alone. Just last week it was reported that Instagram had raised $50 million based on a $500 million valuation. Those investors scored a 2X return in less than a week.

(via TechCrunch)

German photography magazine Foto Digital let the cat out of the bag today when it sent its September issue out to subscribers, along with photographs and specs of the yet-unannounced Nikon D3100. Nikon Rumors broke the story, and published some scans of the magazine.
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