The deal reportedly costs $400 million
As it continues to expand its offerings, social media giant Facebook announced that it is welcoming GIPHY to be part of the Instagram team. Reportedly, the deal costs $400 million and aims to integrate GIPHY to various Facebook-owned services.
The acquisition is particularly important to Facebook, as a big chunk of GIPHY’s traffic comes from Instagram. With Instagram integration, users can seamlessly share GIFS through Stories and Direct. Currently, Facebook is using GIPHY’s API for Facebook’s main app, Messenger, and WhatsApp.
GIPHY users will still be able to create and upload their GIFs to the platform. No changes have been announced for GIPHY as of this writing.