Giphy said there’s been an overall decline in use of gifs.

Giphy said young users think gifs are “for boomers”, “cringe”, and “out of fashion”. 
The gif database made the comments in filings with the UK’s competition watchdog. 
It said it has seen a decline in popularity and that only Meta would buy the company. 

Giphy has taken aim at its own product by calling it “out of fashion” and claiming that young users think gifs are “for boomers” and “cringe.”

Giphy, which lets users upload animated images and videos, argued that content creators are “finding less value” in gifs and said there had been fewer uploads in the past two years.

“There are indications of an overall decline in gif use,” said in its filings with the UK competition watchdog in August, because of a “general waning of user and content partner interest in gifs.”

via GIPHY

The gif database made the remarks about the waning popularity in filings with the Competition and Markets Authority (CMA), which is attempting to block Meta’s $400 million takeover of the company.

Giphy company also claimed it had “no meaningful revenue-generating business” and that it would go hand-in-hand with a buyer with its own user base that can monetize gif’s.

The CMA started examining Meta’s deal to buy Giphy a month after the takeover was revealed in June 2020. It then ordered Meta to sell the company in November 2021 because a merger would reduce competition between social media platforms.

The decision is being appealed by Giphy, which insists that only Meta would acquire the company in order for the deal to go ahead. 

Other companies including Amazon, Apple, Snap and Twitter showed interest in Giphy, the filings say, but that the discussions did not move “beyond initial contacts.”

Giphy did not immediately respond to Insider’s request for comment. 

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Source:: Business Insider

      

The company that makes gifs says they’re ‘cringe’ and ‘out of fashion’

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