- Snapchat acquires Bitstrips; Giphy could be next?
Snapchat recently turned the corner and is constantly evolving and adapting into a social addiction. In just the recent months, Snapchat is listening to its users and making the social app even more personable. This can be seen in the acquisition and integration of Bitstrips. What’s next? Snapchat could potentially go after Giphy and its Giphy Keys and we think it would be complementary piece of the Snapchat puzzle.
Snapchat chomps at the Bitstrips
Earlier this year, Snapchat acquired Bitstrips in the ballpark of $100 million. If you haven’t used Bitstrips to create your own Bitmoji, then you’ve been missing out. But it’s not too late as you can easily download the app from iTunes or google play. Bitstrips was originally founded in 2007 so that users can build their own comic of themselves and in 2014 transformed into a “create your own avatar” (think Nintendo Wii or Xbox Avatars, but much more lifelike). You are able to choose every little detail for your avatar: face shape, skin color, hair color, size and shape of your nose, eyebrows, eyes, ears, and body type. After you’ve created your bitmoji, you will be pleasantly surprised. Next, you can add accessories or catch phrases and share it in messages with others. This bitstrips keyboard can be incorporated in your text messages, google hangouts, WhatsApp, and Snapchat (of course).
Snapchat Gets It, frankly (GIFs and Giphy Keys app)
Have you ever noticed or seen friends send GIFs, or in laymen terms, an image that is either animated static? Here’s an example:
Out of all social media platforms, Snapchat is the only one that does not have its own GIF integration, yet. We believe Giphy with its Giphy keyboard will have the same fate as Bitstrips in getting acquired by Snapchat. It would be a great match as 1) Giphy’s library includes over 1 billion GIFs and is constantly adding to its content from user submissions and its own creation. 2) Snapchat users can create their own GIFs. 3) Bitstrip and Giphy combined helps Snapchat achieve a level of customization and content that is unique compared to other platforms. It’s important to note thought that Giphy recently secured financing of $80 million which now values it at $300 million. Facebook missed out on Giphy back in 2014, but Snapchat may have the synergies that Giphy is looking for. Also, this would be a drop in the bucket for Snapchat as it was recently valued in the private market for $16-18 billion. Only time will tell, but we think Giphy will be acquired sooner rather than later…if not by Snapchat, than by a close competitor.
In Part 2 of this segment, we will discuss how Snapchat is becoming more personable with inking a deal with the hip hop artist Drake in creating his own filters in conjunction with his Views’ album release as well as users’ capabilities in creating and personalizing your own filter.
Feel free to leave your thoughts below or email us at email@example.com. We love to hear from you. SnapchatAway!