Facebook Is Going Big On Video, Acquires Video Technology Startup QuickFire

Source: http://www.businessinsider.com/facebook-is-going-big-on-video-2015-1

Facebook has acquired video technology startup QuickFire Networks for an undisclosed amount.

QuickFire Networks CEO, Craig Y. Lee, announced the acquisition on the company website.

“QuickFire Networks was founded on the premise that the current network infrastructure is not sufficient to support the massive consumption of video that’s happening online without compromising on video quality,” Lee writes. 

QuickFire’s technology reduces the bandwidth needed to watch video online without sacrificing on video quality.

Facebook averages more than one billion video views per day, so it makes sense that they’d want to deliver a higher quality video experience to users. 

The company posted a blog post on January 7th outlining “what the shift to video means for content creators,” and highlighted how integral video had become to the platform.

Facebook noted that, on average, more than 50% of people who come back to Facebook every day in the US watch at least one video daily and in a single year Facebook video posts per person increased 75% globally and 94% in the United States.

QuickFire will be able to help streamline the increased video consumption and provide support to the platform as it rolls out more video in emerging markets, which frequently have slower connections.  

A group of key QuickFire employees will be joining Facebook as part of the acquisition. In the meantime, the company will be reaching out to individual customers and partners as business winds down.

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