Tech giant Facebook is reportedly buying Giphy, the popular GIF-image making website. The price of the deal is reported to be $400 million. Further, the company is planning to integrate Giphy’s huge library of GIFs with its social media app Instagram, and of course, other Facebook applications. Also Read - Facebook's Zoom-rival group video chat 'Messenger Rooms' now available globally
Under the new deal, Giphy will live on as part of the Instagram team, reports The Verge. As per another report by NBC News, Facebook and Giphy have been discussing an acquisition deal for years. The website’s goal of making easy GIFs and being able to find them quickly will live on under the new structure. This will also make it easier to send GIFs in Instagram stories and direct messages. Facebook has also claimed that things will be the same for existing Giphy users. Also Read - WhatsApp Web to get Facebook Messenger Rooms shortcuts; Here is the first look at the feature
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“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 Instagram’s VP of product Vishal Shah in a recent blog post. Also Read - Facebook redesign is finally rolling out for everyone with dark mode and faster loading
What is Giphy?
Giphy is one of the largest GIF websites on the web. It offers tools for people to create, share and modify GIFs. Facebook has in the past relied on Giphy’s API for sourcing GIFs into its applications for years. This includes Facebook’s own app, and also Instagram and WhatsApp. Facebook has even claimed that its apps bring 50 percent of Giphy’s traffic, 25 percent of that coming from Instagram alone.
Even apart from Facebook, a lot of other services rely on Giphy’s API for the supply of GIFs. This includes names like Twitter, Slack, Reddit, Pinterest, and more. Many of these services are direct social media competitors to Facebook, however. So it remains to be seen how the tension between the companies is kept in check moving forward.