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According to a report by Axios, Facebook is said to be buying the GIF-making and sharing platform Giphy for $400 million, with plans to integrate the GIF repository into Instagram and other apps that Facebook owns. Giphy is by far one of the biggest GIF repositories on the internet today which helps offer tools to create, share and remix GIFs.
According to Facebook, over 50% of Giphy's traffic comes from its apps such as Instagram, WhatsApp, Messenger, and Facebook. If the deal is successful, Giphy will form part of the Instagram team, with the long-term goal of making it very easy to GIF your life away on Instagram stories and DMs.
"People will still be able to upload GIFs; developers and API partners will continue to have the same access to Giphy's APIs; and Giphy's creative community will still be able to create great content," Vishal Shah, Instagram's VP of product, said in a blog post announcing the news.
No need to worry if you enjoyed using GIFs on platforms such as Twitter, Pinterest, Slack, Reddit, and others because Facebook said the supply of GIFs won't stop. The issue will come down to the fact that Facebook does compete with a lot of these social media and collaboration companies and we know Facebook doesn't like competition.
