I am sure we all use and have accounts in almost all the social media sites let that be Facebook, Instagram, Snapchat, Twitter, etc. after all these days social media is the lace we get to connect with different people get to see what our friends, family or even enemies plus celebrities and our idols are up to in their lives. It also gives us a platform where we can flaunt our life to the public with pictures, story uploads, and many more. Not only that these social media sites have become one source of entertainment too. Although I don’t know if it is just me or everyone just goes and starts scrolling the various social media sites or ends up chatting when they are just bored and have nothing to watch or do at that particular time. Well, today’s topic is surely about social media sites particularly Facebook.
It has surely come to all of our notice how Facebook has expanded its market and fanbase all over the world and has also taken over so many companies especially in this lockdown. We just knew that only the app Messenger was under Facebook but now apps like Instagram, WhatsApp is also under Facebook. Not only that but Facebook has been constantly trying to get Snapchat out of the market and has even started adapting to its features. So Facebook definitely is intending on being the headmaster of all the social networking sites. But nobody really wants to know about these politics which goes on and all that matters for them is that the social media sites are functioning properly and they are happy and satisfied with that.
Earlier this year we even saw how Facebook also signed the contract to take over Giphy, which is the web-based animated gif search engine and platform provider, the deal that both the company enclosed was worth $400 million although there was nothing on the terms and conditions of the deal which was quite suspicious but nevertheless what we have heard and predicted that the terms and conditions might be that Giphy will provide a built-in search and sticker functions for Facebook’s Instagram, and will also be available to Facebook’s other apps. At the same time the company, Giphy, can also continue working and going on with its expansion of providing GIFs and stickers to other apps as it did before Facebook took over.
Recent news reports that Britain referred to Facebook Inc’s acquisition of GIF website Giphy for an in-depth probe after Facebook told the country’s competition watchdog that it would not be offering any concessions to address antitrust concerns. The Competition and Markets Authority gave Facebook and Giphy five working days to offer proposals to address its concerns over their merger deal because if the two companies keep their merger contract on then Giphy could have less incentive to expand its digital advertising, which as a result will be raising concerns about Facebook’s existing market power in display advertising. The initial investigation had begun in January when the social media network was under global regulatory scrutiny over antitrust concerns. Although Facebook had said that Giphy’s integrations with other social platforms like Twitter, Snapchat, and ByteDance’s TikTok would not change the CMA reported that this merge will definitely not be in their favor and it would be wise to let go of the Giphy company rather than holding onto it and raising even more issues.