"There are indications of an overall decline in GIF use," the company wrote in a filing in August.
"Marketplace commentary and user sentiment towards GIFs on social media shows that they have fallen out of fashion as a content form, with younger users in particular describing GIFs as “for boomers” and “cringe”."
\u201cI was in a meeting today where someone (rightly?) said that gifs are boomer shit and I instantly withered into a husk and crumbled and was carried away into the wind\u201d
In 2020, Meta acquired Giphy for $400 million USD. Since then they have intergraded GIFs by Giphy into Instagram Stories, Instagram messages, Facebook, and more.
But last year, the Competition and Markets Authority (CMA) said the deal was a potential violation of antitrust laws as it could overpower competition in the social media and digital advertising landscape.
But Giphy argues that due to its fallen popularity no other company would purchase it.
\u201c@claudiakincaid They can pry my GIF cringe out of my cold dead GenX hands\u201d
— Dr. Karen Gregory (@Dr. Karen Gregory)