Yes you read that correctly. Facebook announced yesterday, a billion-dollar-deal to buy the startup behind the wildly popular smartphone photo sharing application, Instagram.

Instagram is growing wildly because it has made mobile photo sharing not only easy, but fun. Especially with the widespread rollout of the new Facebook Timeline layout, Photo and video posts perform better and attract more attention among Facebook users. This $1 billion acquisition is speculated to likely be about sharing.

So what does this mean? The beauty of Instagram, from a business marketing perspective, is the ease of fixing or changing photos as you document a process. If you’re building community around a product, kit, project, or an event, this tool is  powerful and will grow in importance to your social sharing efforts. If you’ve been tying your Flickr stream into Facebook or Twitter or another social network, then you’ll get the opportunity. Instagram simply makes mobile engagement easier and allows you to pay more attention to photo look and feel, naturally, as it will come with its photo editing/filter feature.