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Shutterstock today announced they will be acquiring the world's largest GIF search engine and library, GIPHY. For information, Meta, which owns Facebook, was ready to take over GIPHY before, but had to sell it after the authorities did not allow the takeover.
Now, Meta appears to have sold GIPHY to Shutterstock, which is one of the world's leading image subscription and buying services providers.
GIPHY is already integrated on various platforms today, including on Instagram, Facebook, WhatsApp, TikTok, Samsung, Twitter, Slack and even Discord. This enables GIPHY to have over 1.7 billion daily active users, with a view reach exceeding 15 billion daily.
For Shutterstock itself, this acquisition also gives them access to a library of GIFs that are used more in casual conversation – in addition to complementing the offering of images they offer for editorial use and various other purposes.
Shutterstock is expected to pay $53 million (~RM242 million) to Meta for this takeover. Previously, it was said that Facebook paid up to $400 million (~RM1.8 billion) to take over GIPHY.