Meta loses millions as made to sell Giphy to Shutterstock
source link: https://www.bbc.com/news/technology-65684986
Go to the source link to view the article. You can view the picture content, updated content and better typesetting reading experience. If the link is broken, please click the button below to view the snapshot at that time.
Meta loses millions as made to sell Giphy to Shutterstock
Meta has sold animated-gif search engine Giphy to Shutterstock for $53m (£42m), despite paying $400m for it just three years ago.
Last year, the UK's competition watchdog reissued an order to Meta to sell Giphy, on competition grounds.
Giphy is the main supplier of animated gifs to social networks such as Snapchat, TikTok and Twitter.
Meta platforms Facebook, Instagram and WhatsApp will still be able to access Giphy's content, as part of the deal.
Every day, Giphy, the world's largest collection of gifs and stickers, says, it:
- receives more than 1.3 billion search queries
- sees various bits of its content shown a total of 15 billion times
The Competition and Markets Authority (CMA) had originally ordered the sale in November 2021.
On acquiring Giphy, Meta had said it would be "openly available" to other social networks.
But the CMA's investigation of the buyout had found it would harm competition in social media and advertising.
It was the first time the regulator had blocked a deal struck by a big Silicon Valley company.
Last September, Meta made an appeal to the CMA to try to prevent the sale.
Gifs "have fallen out of fashion as a content form, with younger users in particular describing gifs as 'for boomers' and 'cringe'", Meta said.
But in October, Meta said it would accept the CMA's order to sell Giphy, although it was disappointed.
Shutterstock said it was excited to acquire Giphy.
Chief executive Paul Hennessy said: "Giphy enables everyday users to express themselves in memorable ways with gif and sticker content, while also enabling brands to be a part of these casual conversations."
Giphy's library is fuelled by individual artists, who contribute original content, and companies such as Disney and Netflix - ensuring a steady supply of current content that can be inserted into everyday conversations and shared via social media.
Related Topics
Recommend
-
6
Meta ordered to sell Giphy by UK regulator Skip to main content clock menu more-arrow no...
-
2
-
7
The British government forces Meta to sell Giphy A first for the ever growing tech giant By
-
4
Meta complies with UK order, sells Giphy to Shutterstock at a huge loss Meta's loss is Shutterstock's gain By
-
4
TechMeta sells Giphy to Shutterstock at a loss in a $53 million deal...
-
7
Shutterstock picks up Giphy for $53 million after UK blocks Meta’s acquisition / Meta will sell the platform for just $53 million, a sharp discount versus the hundreds of millions it reportedly acquired Giphy for.
-
5
Meta Agrees to Sell Giphy to Shutterstock for a $347 Million Loss Published May 23, 2023 By
-
9
Meta buy terminated in a giphy — Meta has no choice but to sell Giphy at $262M loss to Shutterstock With UK forcing a sale and GIFs losing popularity, Meta was bound to tak...
-
9
Shutterstock to buy GIPHY after CMA forced Meta to sell it...
-
6
Meta Sells GIPHY To Shutterstock, Reportedly Taking A Big Loss In The Process
About Joyk
Aggregate valuable and interesting links.
Joyk means Joy of geeK