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Book/movie review
22/08/2022
Table of Contents
Section I ………………………………………………… 3
Section II…………………………………………… 4
Section III & Conclusion ……………………………… 5
Works cited …………………………………………………… 6
Section I
The biggest change that has happened to Facebook was a change in its organizational structure, in 2012, deciding to buy Instagram for approximately US$1 billion in cash and stock. While many people believed that Mark Zuckerberg, the founder of Facebook, was making a mistake, it turned out to be one of the best decisions he made.
Facebook was launched in 2004, and a lot of companies were acquired by Mark Zuckerberg from August 2005 until present . It acquired a bunch of companies like about face, Connect, Instagram, and WhatsApp, for each of them paying a different price. Even if $1 billion was the headline price for the acquisition of Instagram, the final acquisition closed at $715 million due to a value decrease of Facebook’s stock.
The stakeholders involved in this change were the clients, users and investors of Facebook. After the purchase of Instagram, Facebook has attracted a lot more users and investors.
This change is a first-order change because Facebook adopted the integration and variations of Instagram, without the existing system changing itself.
This change is relevant in the organization as it increases revenue, diversifies the users and implements a modern approach to the way people use their time online. (Bose, 2022)
Section II
Analyzing the acquisition of Instagram by Facebook according to Kotter’s eight-step model for planning, implementing and sustaining change:
Step 1: First step is to establish a sense of urgency. In this case, the main reason for which Mark Zuckerberg bought Instagram in the first place, was because it was becoming a threat for Facebook, and he feared a collapse of Facebook. He wanted to secure a safe position over social media.
Also, the second reason was all about combating rivals like Twitter and Google+.
Step 2: Form a powerful guiding coalition. Facebook has to keep in mind his stakeholders, because its revenue depends on a lot of the stakeholders. When Mark Zuckerberg purchased Instagram, many people did not agree with him and the stock price fell in the beginning, but after, people saw the results and a lot of people started investing in their stocks.
Step 3 : Step 3 involves creating a change vision, in our case, Facebook wanted to show everyone the big potential that Instagram had at that time and helping them see how it will change the way people use social media, as the whole idea of Instagram was created of posting ‘’instant” pictures, that meant a whole spontaneous new way of taking pictures and showing them to your online followers.
Step 4: Communicate the change vision. In 2012 when Facebook acquired Instagram, it needed a change, as Twitter was becoming very popular, they wanted to be able to compete with Twitter and for doing this, they needed a change, and this changed brought them a very high revenue.
Step 5 : Empower others to act on the vision . In the process of acquiring Instagram, Facebook wanted his stakeholders to see the potential that Instagram had at that time. Even if Instagram did not generate a lot of revenue the first two years since it was founded in 2011, its potential was high .
Step 6 : Plan and create short-term wins . After the acquisition, the stakeholders realized Instagram’s value and more people started investing and using it .
Step 7 : The 7th step focuses on consolidating improvements and produce more change. As a multinational company, Facebook, after purchasing Instagram, it did not stop there, it acquired multiple companies since then, until now in the present, including billion dollar platform, WhatsApp .
Step 8 : Institutionalize new approaches. This step refers to the implementation of new changes and the way the company is being managed. Now, the company Facebook, known as Meta, owns 94 companies and manages all of them together, implementing the best strategies for increasing revenue. ( Ghaffary, 2022 )
Section III
As an HR professional, I would contribute in the process of greatly introducing a new face of the company, now owning Instagram, using the broaden-and-build theory I will try to make all employees feel optimistic regarding the revenues and positive changes that we will have after this change will be implemented.
In my opinion, as a Human Resources professional, the most important thing to do within a company, is to communicate the change with everybody and ask for their opinions. A good team is built with a good communication strategy.
Conclusion
Overall, the acquisition of Instagram by Facebook in 2012 has generated a huge revenue and positive outcomes to the now called Meta company, Instagram having a number of approximately 1.440 billion active users, as data shows.
Works cited:
1. Bose S. (2022) Facebook Acquisitions – The Complete List (2022)! [Infographic] . Retrieved 6 November 2022, from
https://www.techwyse.com/blog/infographics/facebook-acquisitions-infographic/
2. Ghaffary S. (2022) The Facebookification of Instagram . Retrieved 6 November 2022, from
https://www.vox.com/recode/23274761/facebook-instagram-land-the-giants-mark-zuckerberg-kevin-systrom-ashley-yuki
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The writer is very fast, professional and responded to the review request fast also. Thank you.
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