Facebook has acquired second company this year, and we are just nine days into 2015. The company is called Quickfire, and it provides technology that converts video formats, and allows high quality videos to stream at less bandwidth. They announced the acquisition on their website.
With this acquisition, Facebook makes it clear that when it comes to video, they are not messing around. The financial terms and conditions of this deal have not been disclosed, but Quickfire confirms that the office will close down its operations. “As part of this, some key members of our team will be joining Facebook and we will wind down our business operations,” it announced on its website.
Quickfire’s expertise will be a big boost for Facebook’s strategy to push video further. With its core product offering, Facebook users with limited Internet access, particularly in emerging markets will be able to enjoy good quality video on Facebook in the future. The end result of this deal, less buffering of HD quality videos on your Facebook timeline.
Facebook, just last year in September announced that the number of video views on Facebook grew by 50 percent between May 2014 and July 2014 and that between June 2014 and September 2014 people collectively averaged 1 billion video views on Facebook each day.
Just yesterday Facebook announced that users were posting 75 percent more videos to Facebook than they did a year ago. The growth has been particularly great in the US, where people are posting 94 percent more videos to the social network.
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