Facebook announced today the purchase of GIF-sharing service Giphy. Since its foundation in 2013, Giphy has become the top service for searching, sharing and browsing animated GIFs in social media.
The news web site Axios first reported about the deal and mentions “the total deal value is around $400 million,” according to various sources. Axios also mentions the deal between Giphy and Facebook started before the arrival of the coronavirus pandemic. Back then, both companies were talking about about partnership, not an acquisition.
According to Vishal Shah, VP of Product at Facebook, the company plans “to further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves.”
For Facebook, Giphy fits perfectly into its plans since half of Giphy’s traffic comes from Facebook’s apps. “By bringing Instagram and GIPHY together, we can make it easier for people to find the perfect GIFs and stickers in Stories and Direct. Both our services are big supporters of the creator and artist community, and that will continue. Together, we can make it easier for anyone to create and share their work with the world.”
A post on Medium says Giphy “will look forward to continuing to make your everyday conversations more fun, more entertaining, and more you — all from our new home at Instagram.”
[Sources]: Facebook: Facebook Welcomes GIPHY as Part of Instagram Team. @Giphy (Medium): GIPHY to Join Facebook as Part of the Instagram Team.
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