Facebook has bought GIF-maker and web-based animation GIF platform provider GIPHY in a deal reportedly worth $400 million and intends to integrate it with its rapidly growing photo-sharing app Instagram along with other Facebook apps.
The social media behemoth Facebook, however, has not disclosed the terms and conditions of the deal.
GIPHY is one of the biggest GIF sites on the internet, offering tools for creating, sharing, and storing GIFs.
A GIF, short for Graphical Interchange Format, is simply an image file. However, unlike the JPEG or PNG formats, it can be used to create animated images or a short soundless video. GIFs are very popular on social media and messaging apps to convey a joke or show an emotion.
GIPHY put up a post on social media confirming the news, saying “GIPHY has been acquired by @Facebook and is joining the @Instagram team!”
Read more here: https://t.co/U6AYQ16cEQ pic.twitter.com/ATjEY1VK3K
— GIPHY (@GIPHY) May 15, 2020
Also, Vishal Shah, Instagram’s VP of product, said in a blog post announcing the news, “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.”
Facebook also said in a post that around 50 per cent of GIPHY’s traffic already comes from Facebook’s apps, primarily Instagram.
