When it first burst onto the scene in 2010, Instagram was a revelation. The app let iPhone users not only share their pictures but add clever filters at the touch of a button. Suddenly everyone could be Obie Oberholzer, the photographer whose richly coloured images are artistic genius. Last month the co-founders, Kevin Systrom and Mike Krieger, left in a huff. We don’t know the details, but the broad strokes are: Systrom and Krieger grew their user base at a fantastic rate after launching. Two years later Facebook founder and CEO Mark Zuckerberg arrived with a $1bn payday and catapulted them into the stratosphere. Now, with more than 1-billion users, Instagram has outperformed Facebook’s expectations — and inadvertently created a catch-all net for the hordes of youngsters quitting Facebook itself. Instagram is Facebook’s fastest-growing source of revenue and its silver bullet. But Facebook’s waning attraction for younger generations is posing an existential threat to the 2.2-billion...

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