Well everyone, there goes Giphy. What has always felt like the best place to find and create GIFs (among other GIF-like videos) has now been purchased by Facebook. Oh, and it's being rolled into Instagram, which basically means it's pretty likely that Giphy will be ruined before long.
Facebook hasn't announced how much it paid for Giphy, though Axios reports that it was $400 million - a pittance compared to the $1 billion and $19 billion Facebook respectively paid for Instagram and WhatsApp. Although part of me wonders why the company didn't try to develop its own GIF depository, as it has tried (and repeatedly failed) with so many other ideas.
Vishal Shah, VP of Product at Facebook claims that 50 per cent of Giphy's traffic comes from Facebook apps, and half of that comes from Instagram. So it makes total sense to roll the two services together, guys! All so people can find the GIFs for their stories and posts.
The good news is that Giphy is not going to be walled off and made exclusive to Facebook services. Probably because Giphy only makes money from branded content, and closing off its public library would be a fucking stupid idea. The Giphy team has also explicitly said that the services will be "openly available to the wider ecosystem."