May 15, 2020
Facebook buys GIF-maker Giphy to add to 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, but Facebook would not confirm the final price. Mr Shah wrote Giphy's animated images made "Conversations more entertaining" and said its library would be integrated into Instagram and Facebook's other platforms. Facebook said 50% of Giphy's traffic already came from its platforms and half of that was from Instagram. The purchase comes at a time when Facebook has seen increased users due to Covid-19 lockdown orders.
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