Due to concerns that Giphy would restrict or deny competitors like Snapchat Inc. and Twitter access to the target’s material.
Giphy was supposedly acquired by Meta for $400 million in 2020. The deal was contested a year later by the British Competition and Markets Authority.
According to Shutterstock, Giphy will generate “minimal” new money this year and will start making efforts to do so in 2024.
This is an exciting next step in Shutterstock’s journey as an end-to-end creative platform,” stated Paul Hennessy, CEO of Shutterstock.
Giphy enables marketers to participate in these casual chats while also enabling regular consumers to express themselves in memorable ways using GIF and sticker material.