Social media company, Facebook is making a slew of transactions amid the pandemic. The company is making the most use of the current time when the global economy is facing downturn. While businesses are striving hard for survival, the consumption of social media and entertainment platforms have increased tremendously. Masses are engaging on these platforms in order to attain peace and avert hyperventilating about deadly contagion.
When usage of social media is leaping up, the American social media giant, Facebook is trying to improve user experience by adding more features to its current infrastructure. The company has recently bought visual expression and creation firm, GIPHY. According to the company’s website, GIPHY is joining the company as a part of the Instagram team. The social media company says that GIPHY makes everyday conversations more entertaining, and so they plan to further integrate their GIF library into Instagram and their other apps so that people can find just the right way to express themselves.
The company also asserts that GIPHY brings 50 per cent of the traffic on Facebook and its other applications, half of that from Instagram alone. By bringing GIPHY and Instagram together, the parent company tries to make it easier for users to ascertain perfect stickers and GIFs.
“We have used GIPHY’s API for years, not just in Instagram, but in the Facebook app, Messenger and WhatsApp. GIPHY will continue to operate its library (including its global content collection), and we’re looking forward to investing further in its technology and relationships with content and API partners. People will still be able to upload GIFs; developers and API partners will continue to have the same access to GIPHY’s APIs; and GIPHY’s creative community will still be able to create great content,” the company said on its website blog
“GIFs and stickers give people meaningful and creative ways to express themselves. We see the positivity in how people use GIPHY in our products today, and we know that bringing the GIPHY team’s creativity and talent together with ours will only accelerate how people use visual communication to connect with each other,” the company added.
Other Business Deals of Facebook
The Singapore-based investment company, Temasek Holdings has partnered with the Facebook-owned Libra digital currency project. The project has been under the scanner owing to global regulators belief that it may diminish national control over money, reported The Economic Times.
The admission of Temasek in the Libra project was proclaimed by the Switzerland-headquartered company, Libra Association. The investment company currently holds a portfolio of slightly over $210 billion, according to the cited media report.
With this transaction, Temasek is marked as the important financial backer of the project when big companies like PayPal, Visa, and Mastercard have not supported the scheme.
Paradigm and PE firm, Slow Ventures also supported the cryptocurrency project of Facebook.
Temasek offered a "differentiated position" as an Asia-focused investor, the cited media report quoting the Libra statements.
"Blockchain technology can play a transformative role in payments networks by enhancing cost efficiencies, creating new business opportunities and accelerating financial inclusion," Deputy CEO of Temasek International, Chia Song Hwee, said in its company’s official statement.
"Our participation in the Libra Association as a member will allow us to contribute towards a regulated global network for cost effective retail payments," Chia Song Hwee said.
In April this year, the governing body of Libra stated the planned digital currency will be linked to individual national currencies and overseen by global watchdogs, in a scaled-back revamp it hopes will win regulatory approval, reported the cited media agency.
The digital currency is anticipated to be launched between November and cessation of the current year, which is later than previous plans of launching it by June’s end.
In late April, various media reports emerged informing that the social media company, Facebook decided to infuse INR 43,574 crore in Reliance Jio platform, which is an affiliate of Reliance Industries for a 9.99 per cent stake. It was an all cash deal that would aid the Indian conglomerate company to decrease debt and fortify Facebook’s presence in the market.