Facebook has made a number of huge acquisitions over the years to maintain its dominance in the social media landscape. From the $19 billion and and $1 billion purchases of WhatsApp and Instagram respectively, to the $2 billion buyout that brought Oculus under Facebook’s umbrella. The next frontier appears to be popular GIF sharing platforms.
As reported by Axios today, Facebook has apparently agreed to buy Giphy, a very popular animated image/GIF sharing platform. Giphy is already implemented in a number of messaging services, including Facebook Messenger.
The information comes from “a source close to the situation”, who explains that the offer is valued at $400 million, with negotiations beginning prior to the COVID-19 pandemic.
Facebook may be getting a deal here, as the most recent private valuation of Giphy is said to have been $600 million.
KitGuru Says: Much like WhatsApp, Instagram and Oculus, Giphy will likely keep its own branding and become more integrated in Facebook’s various social messenger apps.