Shutterstock acquires Giphy for $53 million

Shutterstock just announced it would be acquiring Giphy from Meta for $53 million.

In its news release, Shutterstock says the Giphy acquisition will help extend its audience touch points beyond professional marketing and advertising use cases and expand into casual conversations.

Shutterstock states Giphy will augment its generative AI and metadata strategy, including mobile generative AI at global scale. The acquisition will expand Shutterstock's content library to include GIFs and stickers used in more casual conversations.

The transaction is slated to close next month. While Giphy is expected to contribute minimal revenue this year, focused monetisation efforts will take place over the course of 2024.

Meta bought Giphy in 2020 at a reported price of $400 million. U.K competition regulator ordered Meta in 2022 to sell Giphy over concerns that other companies such as Snapchat and Twitter could lose access to Giphy's content.

Source: PRNewswire