Giphy, a search engine for animated GIFs, has been sold to Shutterstock by Meta in a deal that calls for “$53 million of net cash paid at closing, inclusive of working capital.”
After purchasing Giphy for a total price of $400 million three years ago, Meta was later compelled by a regulatory body in the United Kingdom to sell the company because of antitrust concerns. In particular, the Competition and Markets Authority stated that the acquisition would prevent or restrict rival companies like Snapchat and Twitter from accessing the content that Giphy provides.
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What to know about GIPHY
GIPHY is the website with the greatest collection of animated GIFs and stickers in the world, and it provides content for casual chat. Its content plays an important part in enriching text- and message-based conversations across a variety of platforms, such as Meta, prominent social media platforms like TikTok, Twitter, and Snapchat, as well as team collaboration platforms like Slack and Microsoft Teams. These platforms include Meta. In addition, GIPHY can be easily integrated with a diverse selection of mobile devices, making it accessible to users across a variety of platforms and maximising the app’s potential utility for those users.
The leading global marketplace for licencing from the world’s largest and most diverse collection of high-quality 3D models, films, audio, pictures, vectors, and illustrations can be found on Shutterstock. It is a leading partner for innovative brands, digital media organisations, and marketing firms, and it gives people all around the world the ability to create with self-assurance.
More On Shutterstock and GIPHY
“This is an exciting next step in Shutterstock’s path as an end-to-end creative platform,” commented Paul Hennessy, CEO of Shutterstock. ” “Shutterstock is in the business of assisting individuals as well as companies in telling their respective stories. With the acquisition of GIPHY, we are broadening our audience touch points beyond the mostly professional marketing and advertising use cases they were previously limited to and moving into more casual dialogues instead. GIPHY gives regular people the ability to express themselves in unique and memorable ways through the use of GIF and sticker content while also giving advertisers the opportunity to participate in common conversations. When we roll out this solution to customers, we intend to enable the commercialization of our GIF library by using Shutterstock’s one-of-a-kind capabilities in content and metadata monetization, generative AI, studio production, and creative automation.
This acquisition brings together Shutterstock Studios and GIPHY Studios to provide businesses and advertising with access to world-class customised content solutions.