Facebook confirmed it bought gif library GIPHY on Friday. The deal is reportedly worth $400 million (via Axios).
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GIPHY Joins Facebook
In a blog post, the social media giant said that “50% of GIPHY’s traffic comes from the Facebook family of apps,” already. Half of that is from Instagram. “By bringing Instagram and GIPHY together, we can make it easier for people to find the perfect GIFs and stickers in Stories and Direct,” Vishal Shah, VP of Product, wrote.
It is expected that the gif library will retain its current branding. However, the deal is likely to face scrutiny. Facebook is already facing antitrust probes at both a federal and state level.
Well, there goes my GIPHY account!