Facebook acquired Giphy in a multi-million deal to support Instagram

The world’s largest social media company, Facebook acquired Giphy, the world’s largest animated photo (GIFs) website. Giphy is a big name in the world of creating GIFs files. Facebook has done this deal to support Instagram. Social Media giant Facebook has given the details of the deal via one of its blog posts.

Facebook has not given any information about the price of this deal. But, according to the news website Axios, Facebook acquired Giphy in $ 400 million i.e. about Rs 3,035 crore. Let me tell you that in the year 2015, Giphy talked about a partnership with Facebook and ask for extended support on their platform. Deal was rejected during that time due to unknown reasons.

Now Giphy will be a part of the Facebook and support Instagram

Following the deal, Giphy will become part of the Facebook-owned photo-sharing app Instagram. Giphy’s GIF library will be integrated with Facebook and its other apps besides Instagram. After this, people will get the opportunity to upload GIFs on all platforms of Facebook.

Also Read: Social Media giant Facebook will invest in Reliance Jio Rs 43,574 crore

Currently, to share a GIF on Facebook’s platform, you have to first download it separately. Let me tell you that in earlier 2018, there was another big deal happen with GIF company. Google had purchased the GIF platform Tenor and gave its support to its search team.

Privacy was the issue for the failure of an early proposal from Giphy for partnership

Actually, privacy has become a big issue at this time with Facebook. But Facebook spokesperson said that privacy is not a problem with GIFs. Its mechanism does not track cookies etc. In such a situation, there is no problem with data collection.

Let mettle you that Facebook has done a few large investment in this month. At the beginning of this month, Facebook has acquired 9.99% stake in Reliance Jio in $ 5.7 Billion Dollars. The estimated value in Indian rupee is around Rs. 43,574 crore.

It seems Facebook is on the run to acquire companies and their share to be profitable. This is god strategy considering coronavirus impact of the world economy. The experts are saying post lockdown the world will be different to do business.