Facebook is acquiring Giphy and sharing the Giphy website at a reported price of $400 million (approx 3035 crores), with plans to integrate the massive GIF library into Instagram and other Facebook apps.
The announcement comes at a time when regulators are scrutinizing the largest social media network over antitrust concerns.
Giphy is one of the growing GIF websites providing resources for making, sharing, and combining GIFs. Instagram and other Facebook applications will feature the GIF library, which other users can pair.
Vishal Shah, product vice president of Instagram, says, "People will always be able to upload GIFs; developers and API partners will continue to have fair access to Giphy's APIs. The creative community of Giphy will be able to build amazing content".
Many websites, including Twitter, Pinterest, Slack, Reddit, and more, depending on Giphy 's API to deliver GIFs.