#GIPHY

Shutterstock has acquired Giphy, the animated-images platform, from Meta Platforms for USD 53 million in net paid cash. Meta had to comply with UK's competition regulator who required Meta to sell Giphy. Meta previously purchased Giphy in 2020 for a staggering amount of USD 400 million estimate. As part of the deal with Shutterstock, Meta will retain access to Giphy's library across its products. Shutterstock expects the deal to close next month, with Giphy contributing "minimal" revenue this year. However, the company plans to increase revenue from Giphy starting in 2024. Giphy is known for having the world's largest repository of animated images, or GIFs, and web-based stickers. With the acquisition of Giphy, Shutterstock will gain access to about 1.7 billion daily users—generating about 1.3 billion search queries daily—and expand its content library to include GIFs and stickers. Read more in our articles including "Meta sells Giphy to Shutterstock for USD 53 million" and "10 must-have Google Chrome Extensions".