James Delahunty
15 May 2020 16:17
Social network giant Facebook is to acquire animated GIF-sharing platform Giphy, putting it under its Instagram service.
The company announced its decision to acquire Giphy in a company blog post on Friday, though it did not disclose the financial cost of the move. However, Axios estimated the cost at around $400 million.
Facebook will make Giphy a part of its Instagram photo-sharing platform, revealing that 50 percent of GIPHY's traffic comes from the Facebook family of apps, half of that from Instagram alone.
"GIPHY will continue to operate its library (including its global content collection), and we're looking forward to investing further in its technology and relationships with content and API partners," the Facebook announcement blog reads.
"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."
Read more at Facebook.