Facebook is betting on the potency of GIFs by acquiring Giphy, whose technology will be integrated into Instagram, which Facebook acquired in 2012.
The price was reported by multiple media outlets to be $400 million, but the companies did not confirm the valuation. The transaction fits with Facebook’s drive to increase engagement by its nearly 3 billion global users, many of whom have been using social media even more heavily during Covid-19. In recent years, Facebook has rolled out expanded stickers, filters and emojis, making Giphy’s offerings a logical fit.
In a blog post announcing the deal, Facebook product VP Vishal Shah said 50% of Giphy’s traffic comes from Facebook-controlled apps, with half of that traffic on Instagram. “By bringing Instagram and Giphy together, we can make it easier for people to find the perfect GIFs and stickers,” he wrote. “Both our services are big supporters of the creator and artist community,...
The price was reported by multiple media outlets to be $400 million, but the companies did not confirm the valuation. The transaction fits with Facebook’s drive to increase engagement by its nearly 3 billion global users, many of whom have been using social media even more heavily during Covid-19. In recent years, Facebook has rolled out expanded stickers, filters and emojis, making Giphy’s offerings a logical fit.
In a blog post announcing the deal, Facebook product VP Vishal Shah said 50% of Giphy’s traffic comes from Facebook-controlled apps, with half of that traffic on Instagram. “By bringing Instagram and Giphy together, we can make it easier for people to find the perfect GIFs and stickers,” he wrote. “Both our services are big supporters of the creator and artist community,...
- 5/15/2020
- by Dade Hayes
- Deadline Film + TV
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