Facebook Buys GIPHY As Part Of Instagram Team
Facebook has purchased the GIF-maker Giphy and plans to make it part of the Instagram team. A report from Axios values the deal at $400m (£330m), but Facebook would not confirm the final price. In a blog post, Instagram’s VP of Products Vishal Shah said third party firms would still have access to Giphy’s library of GIFs and stickers.
GIPHY, a leader in visual expression and creation, is joining the Facebook company today as part of the Instagram team. GIPHY makes everyday conversations more entertaining, and so Facebook plan to further integrate their GIF library into Instagram and our other apps so that people can find just the right way to express themselves.
Giphy is one of the largest sites for creating these images and storing them. Its main competitor is Imgur. Facebook said 50% of Giphy’s traffic already came from its platforms and half of that was from Instagram.