The newest version of Instagram is pinning its hopes on geo-tagging, which is masked in a feature called Photo Map. And with this release, the company might have taken a first tentative step towards a unique business model. (GigaOM)
I disagree with how the new update created a business model for Instagram - it is an interesting view but nothing sort of ‘new business model emerging’ for Instagram.
Conversation in Instagram is around pictures you post and most importantly the latest pictures. With Photo Map, you get an aggregated view but it sort of breaks the conversation.
It is a speculation; just like how people speculated about Facebook / Twitter’s business model.