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Instagram launches as a commercial photo library – starting Jan 16 2013

Update: 19 Dec – Instagram will now NOT be selling your photos …here’s the announcement in a blog post by Kevin Systrom co-founder, Instagram – Thank you, and we’re listening

18 Dec: Instagram launches as a commercial photo library – starting Jan 16 2013
Facebook owned Instagram have made a change to their Terms of Use to include the rights to sell images ‘without any compensation to you’ – Instagram users are able to opt out – must be by Jan 16 2013. – Looks like it’s going to be acting as a photo agency.

Ooops! – where is this going to leave the price of a stock photo!? – comments on the news vary from, I’m fine with this as they (Instagram) are providing a platform for my photos – to – the obvious rights grabbing / I’m deleting my account – unlawful image theft….
Just waiting now for Google to wake up to image licensing and launch a photo-selling platform….it’s gotta be round the corner!

from the new T&C’s
1. Instagram does not claim ownership of any Content that you post on or through the Service. Instead, you hereby grant to Instagram a non-exclusive, fully paid and royalty-free, transferable, sub-licensable, worldwide license to use the Content that you post on or through the Service, except that you can control who can view certain of your Content and activities on the Service as described in the Service’s Privacy Policy
2. Some or all of the Service may be supported by advertising revenue. To help us deliver interesting paid or sponsored content or promotions, you agree that a business or other entity may pay us to display your username, likeness, photos (along with any associated metadata), and/or actions you take, in connection with paid or sponsored content or promotions, without any compensation to you. If you are under the age of eighteen (18), or under any other applicable age of majority, you represent that at least one of your parents or legal guardians has also agreed to this provision (and the use of your name, likeness, username, and/or photos (along with any associated metadata)) on your behalf.
3. You acknowledge that we may not always identify paid services, sponsored content, or commercial communications as such.
Details in full here