Giphy, the well-known provider of short-looping videos, is now turning its gun on its products. According to the company, Gifs are no longer in demand by young users, and they believe the content is outdated. Giphy believes that gifs are now only used by boomers, while Gen Z finds them too tacky.
Since 2013, when the company made its global debut, gifs have become a part of conversations. Many social media giants, including Facebook, Instagram, and even instant messaging apps like WhatsApp, have added gifs to their chat features in response to their growing popularity among social media users. However, the gifs are now losing the spark they once had, as now the creators believe that they are losing their value, which has even led to a declining rate of gifs getting uploaded on the platform.
The issue being faced by the company was also raised in front of the Competition and Market Authority, a non-governmental competition regulator sector trying to prevent the deal from getting finalized between Meta and Giphy.
On its behalf, Giphy explained to the authorities that the company was unable to generate large amounts of revenue and would do a hand-to-hand bargain with whoever was ready to buy their setup.
Giphy and Meta announced their deal two years ago in June. As the news became official, CMA stepped in and asked Meta to not go further with the deal, as this taking over would create an imbalance in competition.
Giphy went forward by filing an appeal in this regard and insisted that only Meta would be the one they'd sell their company to.
When Giphy announced that the company was on sale, other giants from different areas, such as Apple, Amazon, and even Snapchat, wanted to get their hands on the falling company. Unfortunately for them, the talks came to an end soon after the initial talks.
Meta believes that GIFS are still going to play an important role for users who want to experience more fun and entertaining chat with their friends through any meta-owned platform.
Read next: 515 New Apps Mark the Rise of Anonymity
Since 2013, when the company made its global debut, gifs have become a part of conversations. Many social media giants, including Facebook, Instagram, and even instant messaging apps like WhatsApp, have added gifs to their chat features in response to their growing popularity among social media users. However, the gifs are now losing the spark they once had, as now the creators believe that they are losing their value, which has even led to a declining rate of gifs getting uploaded on the platform.
The issue being faced by the company was also raised in front of the Competition and Market Authority, a non-governmental competition regulator sector trying to prevent the deal from getting finalized between Meta and Giphy.
On its behalf, Giphy explained to the authorities that the company was unable to generate large amounts of revenue and would do a hand-to-hand bargain with whoever was ready to buy their setup.
Giphy and Meta announced their deal two years ago in June. As the news became official, CMA stepped in and asked Meta to not go further with the deal, as this taking over would create an imbalance in competition.
Giphy went forward by filing an appeal in this regard and insisted that only Meta would be the one they'd sell their company to.
When Giphy announced that the company was on sale, other giants from different areas, such as Apple, Amazon, and even Snapchat, wanted to get their hands on the falling company. Unfortunately for them, the talks came to an end soon after the initial talks.
Meta believes that GIFS are still going to play an important role for users who want to experience more fun and entertaining chat with their friends through any meta-owned platform.
Read next: 515 New Apps Mark the Rise of Anonymity
