Goal It continues to seek to drop the business branches that are not a priority. The parent company of Facebook announced this Thursday that it sold Giphythe platform for animated GIFs, to Shutterstock at auction price.
In accordance with xatakaThis decision came after the UK antitrust authority issued an order in 2021 ordering Mark Zuckerberg’s company to release Giphy because it “reduced dynamic competition.”
After trying to appeal the decision, Meta ultimately decided to sell the GIF company to Shutterstock for a total of $53 million in cash. This means a dramatic price reduction, considering that Meta paid $400 million in 2020.
In other words, Meta will only recover 13% of what it paid for Giphy, losing 262 million dollars.
via GIPHY
Meta will continue to use Giphy content
Despite the sale, Meta announced that it signed a commercial agreement to continue accessing the content of the platform through Facebook, Instagram, WhatsApp and its products.
“Giphy’s content library is powered by individual artists contributing original content and verified media partners like NBC, Disney, Netflix, NFL, MLB and NBA, ensuring a constant supply of culturally relevant content that can be embedded into everyday conversations and shared via social media,” Shutterstock said in a statement.
The image bank also highlighted that “Giphy’s extensive library of GIFs and stickers generates more than 1.3 billion search queries daily and generates more than 15 billion media impressions daily.”
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.