Google and Facebook took particularly sharp jabs for alleged abuse of their market power from politicians on Wednesday in a much-anticipated hearing that put four of the US’s most prominent tech CEOs in the hot seat.
Facebook is acquiring Giphy, a popular website for making and sharing animated images, or GIFs, and will integrate it with its rapidly growing Instagram photo-sharing app.
Having our normal daily lives upended by the coronavirus has heightened the demand for entertainment – and not just Netflix. “The virus is forcing us to use the Internet as it was always meant to be used.”
Instagram, the photo-sharing app Facebook acquired for $715-million in 2012, generated more than a quarter of the social media company’s revenue last year, according to people familiar with the matter.
Facebook’s growth is slowing, adding pressure to a company facing more restrictive privacy regulations and continued scrutiny from global lawmakers and antitrust officials.
On its way to amassing more than a billion users, Instagram has become the most powerful force in shaping commerce this side of Amazon.com.
Facebook is pursuing rights to music videos from major record labels, programming that could boost interest in its Watch video service, according to people familiar with the matter.