Following reports that Fotolog has increased popularity in terms of visits and membership last month, the New York based online photo sharing site has announced that it was recently acquired by Hi-Media for $90M.

Hi-Media, an online ad network firm based in France, hopes to use its expertise in online ads to monetize Fotolog. Launched in 2002, Fotolog has now over 10 million members, with about 15 million unique visits per month.

Cyril Zimmermann, CEO of Hi-Media, said, “Hi-Media was attracted by Fotolog, which has only just begun converting its strong audience growth into revenues. We think that social networks are one of the pillars of what the Internet is and will be important in the years ahead, especially when underpinned by simple mechanisms.”

John Borthwick, CEO of Fotolog, said, “We found the ideal partner in Hi-Media Group to build on our strong momentum and monetize our fast-growing audience. This will be one of the biggest publicly-traded Internet pure plays in Europe, bringing together Hi-Media’s leading ad network and Fotolog’s large and highly-engaged user base. Hi-Media is committed to investing in Fotolog’s compelling member experience and growing the platform we have created.”

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