Facebook Has Purchased Shareable Animation Platform

Facebook Has Purchased Shareable Animation Platform

Facebook announced on Friday that it has purchased Giphy, a popular platform for shareable animated images, and will make it a part of Instagram. Facebook did not disclose the financial terms of the deal, but knowledgeable sources told Axios that the social media titan paid $ 400 million. According to Axios, Giphy's latest special value was $ 600 million. "In fact, 50% of Giphy's traffic is from the Facebook application family, only half comes from Instagram," said Vishal Shah, vice president of product on Facebook. “By bringing Instagram and Giphy together, we will make it easier for people to find great GIFs and stickers from the Stories and message section. Both of our services are great supporters of the creators and the community of artists, and so on. " Axios sources stated that seven-year-old Giphy, located in New York City, will probably keep his own brand name.