Facebook has purchased the GIF-maker Giphy and plans to make it part of the Instagram team
Giphy is joining the Facebook company as part of the Instagram team. A report from Axios values the deal at $400m (£330m), but Facebook would not confirm the final price. The purchase comes at a time when Facebook has seen increased users due to Covid-19 lockdown orders. In a blog post, Instagram’s VP of Products Vishal Shah said third party firms would still have access to Giphy’s library of GIFs and stickers. But many of those sites including Twitter and Pinterest are direct competitors to Facebook.
This aim to make conversations more entertaining and the library would be integrated into Instagram and Facebook’s other platforms.Facebook said 50% of Giphy’s traffic already came from its platforms and half of that was from Instagram.GIFs and stickers give people meaningful and creative ways to express themselves. Using GIFs collaborating with different applications accelerate how people use visual communication to connect with each other.