Meta, the parent company of Facebook, has recently made an order to sell Giphy. The UK’s Competition and Markets Authority has given the order. The company, Meta, bought Giphy last year for about $315 million.
Details about Meta dealing with Giphy
When Meta bought Giphy, it was assumed that it was incorporating Giphy’s vast database of looping short video animations with Instagram. Unfortunately, the thought resulted in a wrong assumption because CMA will not approve the same. It said it was unfair to create a sense of competition among social media platforms. Earlier, Meta was known as Facebook. Facebook got its new name in October from the social media companies Meta. In May 2020, the company unveiled that it had bought Giphy and said that 50% of the Gif search engine’s traffic is generated from Facebook and Instagram.
Giphy helps facilitate Gifs to competitors, including TikTok, Snapchat, and Twitter.
As per the notes made by BBC, CMA stated, “After consulting with interested organizations and assessing alternative solutions put forward by Facebook, the CMA has concluded that its competition concerns can only be addressed by selling Giphy in its entirety to an approved buyer.”
Information about Giphy
Giphy is the perfect platform for you to go with if you are fascinated by GIFs. People can discover, explore and create GIFs on the internet over the Giphy platform. The objective of Giphy is to make finding and share GIFs with people. The company is constantly trying to transform the algorithm so that it becomes easy for people to search for the content they seek. Giphy also facilitates the offer of saving your favorite GIFs so that you can use them anytime you want without any hassle. For people who need to be made aware of the features and offerings of Giphy, this article will help them a lot.
Information about Meta
Meta is one of the most popular companies in the world. Meta is the parent company of Facebook, Instagram, and Whatsapp. If we talk about the current situation of the company, then the company is going through a hard time because of the economic recession. The company has had to fire thousands of employees to cut down its losses and stabilize itself in the market, and now it has been ordered to sell one of the companies it acquired last year, Giphy.