Facebook acquires QuickFire Networks for an undisclosed amount. The startup is the 2nd company of the year to be acquired by Facebook founded in 2012. QuickFire Networks was found in 2012 and has developed proprietary technology to minimise the bandwidth without compromising on the video quality. Web traffic to Facebook has seen 1 billion video views per day since June 2014 which made Facebook to acquire the company.
Facebook has seen spurt in video sharing and to improve quality of the videos, drawing time from users. Facebook on itself has changed the technology in video sharing by making videos to play automatically once start seeing the post. QuickFire process helps Facebook users to see the videos at quickest time at a low data speed.
Facebook has not confirmed on the financial details of the deal. Facebook issued official statement “QuickFire Networks will provide you with the weapons necessary to meet the onslaught of the video revolution, “
After acquisition QuickFire Networks on the company website “Now we are ready to take next step in our growth”, he further added “Facebook has more than one billion video views on average everyday and we are thrilled to help deliver high quality video experiences to all the people who consume video on Facebook.”
QuickFire Networks will be fully absorbed into Facebook and some of the key members of the company will join Facebook in California and Seattle.
A better video experience on Facebook can attract more viewing time and advertising revenues. Facebook can wean away viewers and advertisers from Google YouTube.