In another indication it's taking smartphone photography and videography seriously, Facebook-owned Instagram today bought a small Silicon Valley startup Luma, formerly known as Midnox.
The transaction represents Instagram's first acquisition since joining Facebook's fold in April 2012. The startup is behind Luma Camera, an iOS app designed to make it easy to record and share high-quality video.
This isn't your typical acqui-hire: Instagram is both after Luma's talented engineers and its advanced technology which makes possible real-time cinematic processing such as filters, effects and video stabilization. As you could imagine, the promising app got immediately pulled fom the App Store following the deal...