GIPHY is the world’s largest GIF creation and sharing platform, and it is now a part of Facebook. The social media giant has announced that it has bought GIPHY and it will now be a part of its Instagram team. Facebook says it will integrate GIPHY into Instagram soon, followed by other in-house apps such as WhatsApp and Messenger.
Axios reports that Facebook spent $400 million to acquire GIPHY, however, talks between the two companies began even before the coronavirus pandemic. Facebook says GIPHY “will continue to operate its library (including its global content collection)”, and that nothing will change for creators as well as developers following the deal.
GIPHY will reportedly be able to retain its brand identity and will get investments from Facebook to further improve the underlying technology and expand brand partnerships. The social media company also revealed that 50% of GIPHY’s traffic comes from Facebook-owned apps, with Instagram alone accounting for half of it.
Source: Facebook Newsroom