competition, markets, supply chain, mergers and acquisitions, network effects
Giphy, founded in the USA in 2013, is an online library providing video files in the .gif format (gifs) that users can share. It initially allowed users to share gifs via Facebook and then expanded its services to Twitter and other social media platforms, such as Instagram and Snapchat. Nowadays, millions of posts per day on social media platforms include a gif. In May 2020, Facebook (now Meta) completed the acquisition of Giphy, for a reported $400 million.
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