Meta loses millions as made to sell Giphy to Shutterstock – BBC
By Shiona McCallum
Technology reporter
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.
- Tech Life: …
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source: https://news.oneseocompany.com/2023/05/23/meta-loses-millions-as-made-to-sell-giphy-to-shutterstock-bbc_2023052345143.html
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