The Shutterstock acquisition shouldn’t noticeably affect Meta’s social network users. As a condition of the sale, Facebook and Instagram will have continued access to Giphy’s content, alongside other social media like Twitter or Snapchat. Giphy’s content library consists of work contributed by individual artists, as well as media partners such as Disney and Netflix.
Traditionally associated with commercial customers, Shutterstock boasts that acquiring Giphy “expands Shutterstock’s content library to include GIFs and stickers used in more casual conversations,” and that GIFs remain popular among social media users.
You know that feeling when you find the perfect reaction GIF? That’s going to be us all the time now that @GIPHY is officially a part of Shutterstock. Also, is it pronounced GIF or JIF? Asking for a friend. 👀
Check out the deets here! https://t.co/z0TSecFx5W pic.twitter.com/EvQVqFilHp
— Shutterstock (@Shutterstock) May 23, 2023
The deal is said to close in June 2023, pending any unforeseen delays. According to Shutterstock, “GIPHY is expected to add minimal revenue in 2023 with focused monetization efforts taking place over the course of 2024.” Those monetization efforts will likely take form as an increase in the number of animated images available in Shutterstock’s offerings to subscribers. Shares of Shutterstock (SSTK) were up approximately 2% immediately following the announcement.