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(CNN) – Facebook announced that it has officially acquired mobile messaging service "WhatsApp" for $19 billion.
The app works a lot like a social network – users can send messages, photos, and videos to one person or even a group, but without paying the standard text fees phone companies charge.
It's valuable to Facebook because the service adds a million new users a day from all around the world, each paying a $1-per-year subscription fee after a free trial.
WhatsApp users are also younger, and tend to be more active in social networking than the average Facebook account holder.
Consumers loved the app because of the company's pledge to protect their privacy. Co-founder Jan Koum is a Ukrainian immigrant who says his experiences growing up shaped his concerns about government surveillance, so he vowed his company would never sell ads or user data.
WhatsApp founders say the company's privacy rules will stay the same under the new deal, despite Facebook's reputation for collecting and distributing user information. But isn't that nearly impossible under this new deal?
Evelyn Rusli, technology reporter for The Wall Street Journal breaks it down for CNN's "The Lead."