Facebook Inc (FB) Adds Video Technology With Quickfire Networks
Facebook Inc (NASDAQ:FB) has moved to acquire QuickFire, a video technology startup. The move is in line with Facebook’s desire to enrich its social platform and improve user experience. Facebook preferred not to discuss the financial details of the deal between QuickFire. However, the team at QuickFire is expected to cross over to Facebook.
Better video experience
Facebook Inc (NASDAQ:FB) has never been hesitant when it comes to spending money to enrich the company’s platform for existing users, and to also attract new users. The company in the last few years has spent tens of billions of dollars to acquire promising companies like Instagram, WhatsApp, and Occulus Rift. The acquisition of QuickFire will allow Facebook to give users a better video experience. For instance, users will enjoy faster video upload and download experience without compromising the quality of the content. Therefore, users can easily share video content and also stream the same without consuming as much of their data. A key feature for users on data plans or in countries where broadband has less penetration.
For observers, the deal with QuickFire reveals Facebook’s increasing focus on video. The company earlier implemented a program that lets videos to play automatically especially on mobile platforms. The company gets over a billion video views on a daily basis, but most of its users link to videos on other platforms such as Google Inc (NASDAQ:GOOGL)’s YouTube. However, the company wants to be independent of YouTube in video sharing so that it can have more control of the content shared, especially with regards to monetizing video sharing. This will also drive even more time spent on the site as users don’t leave to watch videos.
According to QuickFire’s CEO, Craig Lee, it is thrilling to join Facebook, and to give people high-quality video experience. He further stated that they were ready to take another growth step.
In pursuit of ad dollar
Facebook Inc (NASDAQ:FB) and Google are battling for the control of Internet traffic, and growing amount of advertisement dollars in it. Beyond the Web, the companies are also becoming aggressive in their mobile campaigns. Last year, Facebook completed the $22 billion acquisition of WhatsApp and the mobile messaging app recently revealed having more than 700 million active users. Facebook expects it to contribute to earnings once it reaches 1 billion actively monthly users.
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