07 Aug Giphy Turns to Monetization
Monetization is so prevalent these days; and it comes as no surprise that Giphy, a GIF search engine similar to Google, will start testing out sponsored GIFs. Most commonly used in text conversations, GIFs from Giphy are moving pictures that express more than just words. This news means that, for example, if a user types in the word “hungry“ to find a GIF to match that action, the user could potentially see a sponsored GIF from Domino’s Pizza.
This kind of monetization is no longer a new idea. Sponsored Snapchat filters are an existing example of this practice. The feature has evolved into a hub for brands to advertise since its debut in December of 2013. Brands across all industries use custom filters to promote movies, clothes and other products.
Through sponsored GIFs, Giphy is taking significant steps to creating effective P2P advertising. The sponsorships could, in fact, sway users to buy featured products from the GIFs. Depending on the success, Giphy could track sales and potentially become another platform for brands to run campaigns.
Giphy, which already boasts substantial traffic, has GIFs sent on many platforms, according to TechCrunch, such as iMessage, Facebook Messenger, Twitter, and Slack. With a valuation of $600 million dollars, the company has already proven success without monetization.
Here at Socialfly, we are patiently awaiting Giphy’s sponsored GIFs to roll out and see where this monetization takes both them and the general public. We want to hear what you think of Giphy’s decision to monetize, tweet us your thoughts about the update @Socialfly.