- Shutterstock Inc SSTK has announced the acquisition of GIPHY, Inc. from Meta Platforms, Inc META for $53 million. GIPHY is the world’s largest collection of GIFs and stickers, with 1.7 billion daily users, drawing over 1.3 billion search queries daily and powering over 15 billion daily media impressions.
- The deal is expected to close in June 2023 with minimal impact on 2023 revenue. Shutterstock gains several major global partners, including Microsoft Corp MSFT, Instagram, Facebook, WhatsApp, TikTok, Twitter, and Slack.
- Apart from the acquisition deal, Meta has also inked an API deal with Shutterstock to secure continued access to GIPHY’s content across its platform.
- Shutterstock expects the acquisition to boost its generative AI and metadata strategy, expand its API ecosystem to include more than 14,000 API/SDK partners, and project monetization efforts to occur during 2024.
- “Through the GIPHY acquisition, we are extending our audience touch points beyond primarily professional marketing and advertising use cases and expanding into casual conversations. GIPHY enables everyday users to express themselves in memorable ways with GIF and sticker content while also enabling brands to be a part of these casual conversations,” stated Paul Hennessy, CEO.
- Shutterstock’s guidance for 2023 revenue remains at $844 million to $853 million.
- Following the announcement, SSTK shares are trading higher by 3.66% at $55.94 on the last check Tuesday.
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