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Facebook buys GIF-sharing platform Giphy

By Cookie Monster - on 15 May 2020, 11:12pm

Facebook buys GIF-sharing platform Giphy

Facebook just announced that it has acquired Giphy. 

While Facebook did not reveal the value of the acquisition, multiple sources told Axios the total deal value is about $400 million. In its news release, Facebook shared that Giphy will be part of the Instagram team and there are plans to further integrate the GIF library into Instagram and other apps.

Facebook states that 50% of Giphy's traffic comes from the Facebook family of apps with half of that from Instagram alone. The acquisition of Giphy will make it easier for people to find GIFs and stickers in Instagram Stories and Direct. 

Source: Facebook, Axios