Facebook Buys GIPHY
The incident was reported by Axios and later confirmed by Facebook in a blogpost and although Facebook didn’t mention the financial terms, Axios says that Facebook bought the GIF creation and sharing platform for around $400 million. With this new deal, Facebook plans to integrate the GIF well with the stories and other features of Instagram. It also plans to integrate the library of GIPHY to other Facebook-owned apps too. Facebook says that “50% of GIPHY’s traffic comes from the Facebook family of apps, half of that from Instagram alone. By bringing Instagram and GIPHY together, we can make it easier for people to find the perfect GIFs and stickers in the stories and direct.” And like now, Facebook will allow GIPHY users to upload and share GIFs as the way it is. GIPHY’s integrations with Twitter, Snapchat, and TikTok are all in place as well. “People will still be able to upload GIFs; developers and API partners will continue to have the same access to GIPHY’s APIs, and GIPHY’s creative community will still be able to create great content,” said Vishal Shah, Instagram’s VP of Product in a blog post. One of the major rivals for GIPHY is Tenor which was acquired by Google in 2018 and now it will be really interesting to see the competition between the two unfold. (SOURCE) Read More About Facebook Invests $5.7 Billion in Reliance Jio Facebook Reportedly to Launch an Experimental App for Couples
