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.