Today, Facebook acquired one of the most popular GIF creation and sharing platform– Giphy. Facebook said that from now, Giphy will be a part of Instagram.
The news was first published by Axios and later Facebook confirmed it in an official blog post. According to Axios’s report, Giphy had a valuation of around $400 million.
Facebook now plans to integrate Giphy’s GIF library into Instagram and other Facebook-owned apps. “By bringing Instagram and GIPHY together, we can make it easier for people to find the perfect GIFs and stickers in Stories and Direct. People will still be able to upload GIFs; developers and API partners will continue to have the same access to GIPHY’s APIs, and GIPHY’s creative community will still be able to create great content,” says Vishal Shah, Instagram’s VP of Product in a blog post.
This means that Facebook will continue to allow Giphy users to use the platform just like how it is now. They didn’t fold and shut the service for the rest of the world, unlike Apple. That means, Giphy’s current integrations with platforms like Twitter, Snapchat, and TikTok will be in place.
Giphy’s main competition, Tenor, was acquired in 2018 by Google. Hence now Giphy getting acquired by another tech giant will surely make competition fierce.