Connect with us

News

UK Agency Orders Meta To Sell Giphy

Published

on

Giphy

Tech conglomerate Meta will lose its grip on at least one app it has taken over: Giphy.

The United Kingdom’s Competition and Markets Authority rejected Meta’s appeal where it argued that gifs, and by extension Giphy, are too uncool to have a standalone app. The CMA (metaphorically) responded with a gif from The Office of Michael repeated shouting “no.”

Ultimately, the CMA decided that Meta’s purchase of Giphy was harmful to competition and said, “The only way this can be addressed is by the sale of Giphy.”

This means Meta will have to sell its entire global operations of the gif app.

“This deal would significantly reduce competition in two markets,” the CMA said in a release. “It has already resulted in the removal of a potential challenger in the UK display ad market, while also giving Meta the ability to further increase its substantial market power in social media. The only way this can be addressed is by the sale of Giphy.”

The only question is, who will buy it?

After all, the core of Meta’s argument for holding on to Giphy was how “unattractive” of a deal it is now, which feels a little like a parent telling their kid they never have to work a day in their life because they’re too stupid to hold a job. Meta went so far as to list a number of companies that looked into buying Giphy before talks stalled, including Amazon, Apple, TikTok owner Bytedance, Snap, Twitter, and Adobe.

The filing cited a Vice article stating, “Marketplace commentary and user sentiment towards GIFs on social media shows that they have fallen out of fashion as a content form, with younger users in particular describing GIFs as ‘for boomers’ and ‘cringe.’” It also listed several tweets confirming the sentiment.

As tragic as that all sounds for Giphy, reading between the lines, this means that gifs aren’t bringing in young, Gen Z users. And if there are no Gen Z users, then there’s no Gen Z data to profit off of. And who wants an app that can’t give a company valuable data? No one in 2022, apparently.

And so the boomers of the internet are left wondering what’s next for Giphy. Will it dry up like a Vine in the sun? Or fester among a private equity firm before going out with its last gif of Leonardo DiCaprio dancing in The Great Gatsby?

Continue Reading

Recent News

Exhibition Game Exhibition Game
How to21 hours ago

How to Choose the Ideal Exhibition Game for Your Event

Hosting an event involves a multitude of decisions, from the venue to the catering, but one aspect that can make...

Boiler Boiler
Guide3 days ago

When Is the Best Time to Replace a Boiler?

A boiler is a workhorse that works around the clock. It provides heat and warm water whenever needed. While horses...

Grammar Grammar
Tech3 days ago

Grammar Checkers Unleashed: Enhancing Writing Precision and Efficiency

In the present computerized age, the ascent of simulated intelligence innovation has presented new difficulties in regards to the genuineness...

Crypto Staking Crypto Staking
Crypto7 days ago

Is it Possible To Make Money On Crypto Staking in 2024?

In the modern world, cryptocurrencies and blockchain technologies are becoming increasingly popular, attracting the attention of investors and users from...

Lake Como Lake Como
Wedding7 days ago

How to Choose the Right Location for a Marriage Proposal in Italy and Lake Como

Proposing marriage is a unique and memorable moment in a couple’s life. Choosing the right location is crucial to creating...

Personal Injury Lawyer Personal Injury Lawyer
Law1 week ago

Finding the Best Personal Injury Lawyer in Lumberton, NC

Personal injury law is designed to protect individuals who have been harmed due to the negligence or wrongful actions of...

WhatsApp Business WhatsApp Business
Business2 weeks ago

Running WhatsApp Business with Pro+VPS for Android Emulator

WhatsApp Business is one of the most powerful tool for Business to manage customers communication. Running it can enhance the...

Civil Partnership Visa Civil Partnership Visa
Finance2 weeks ago

Civil Partnership Visa vs Spouse Visa: Which One is Right for You

Choosing the right visa to join your partner in the UK can be confusing. Two common options are the Civil...

Crypto Crypto
Crypto2 weeks ago

Staked Crypto – A Step-by-Step Guide for Beginners

Ethereum staking has become an increasingly popular way for cryptocurrency holders to earn passive income through staking rewards. In this...

Ethereum Staking Ethereum Staking
Crypto2 weeks ago

Maximizing Ethereum Staking Rewards: Tips and Tricks

Are you looking to maximize the potential of your Ethereum holdings? Stake Ethereum using OkayCoin and take advantage of the...