Shutterstock to acquire Giphy from Facebook parent Meta

Shutterstock said Giphy sees more than 1.3 billion daily search queries and powers more than 15 billion daily media impressions through its website and mobile app. Its content serves as an ingredient in text and message-based conversations on Meta — which will retain access — and other social media platforms from TikTok to Twitter to Snapchat. Its content library is contributed by individuals, and media partners including NBC, Disney, Netflix, NFL, MLB and NBA, “ensuring a steady supply of fresh culturally relevant content which can be inserted into everyday conversations and shared via social media.”

“This is an exciting next step in Shutterstock’s journey as an end-to-end creative platform,” said CEO Paul Hennessy. “Shutterstock is in the business of helping people and brands tell their stories. Through the GIPHY acquisition, we are extending our audience touch points beyond primarily professional marketing and advertising use cases and expanding into casual conversations.” He said the company will help leverage Shutterstock capabilities in content and metadata monetization, generative AI, studio production and creative automation. SeekingAlpha