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At this point, Instagram's primary value is in its brand. I never used it, but heard about it so many times that I was under the impression it had been around for years. It might have 30 million uploaders, but hundreds of millions of people are aware of it. For an 18-month brand that is perhaps the most meteoric rise in history. If you consider WPP's brand value estimates (Apple $153 billion, Google $112 billion, Facebook $19 billion), the number might not be so weird.

The value of brand awareness is also inversely proportionate to how much brand awareness you already have. When you're Facebook, more brand awareness may not be the primary motivator.

Also because of this deal, millions of people hear of it and start trying it out.

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