Instagram valued at $35bn

The US Citigroup said the market value of the photo-sharing application "Instagram" had reached USD 35 billion.
There are currently over 300 million users of Instagram, which is owned by the social network "Facebook", said the New York Times newspaper, quoting a report released by the group.
The application accounts for about 16 percent of Facebookآ’s roughly USD 221 billion market value, said the report, adding that the value includes the growing numbers of users and the outcome of advertisements on the application.
Instagram could contribute more than USD two billion at high margin revenue in user growth and engagement levels, said the report, noting that different companies would find that the application is the perfect place to advertise.
The report also noted that such statistics show that Instagram is worth more than the huge social network "Twitter", which has an estimated value of USD 23.5 million.
Facebook had also purchased the chatting application "WhatsApp" with a cost of USD 22 billion in early 2014.