Facebook Acquires QuickFire As Video Views Exceed 1 Billion A Day
Facebook has acquired video startup Quickfire. The acquisition comes as the social giant's daily video views pass 1 billion a day. QuickFire's proprietary technology encodes high quality video speeding uploads and playback without degrading quality. Most of QuickFire's staff will join Facebook's video team after winding down current operation. Details of the acquisition were not revealed.
Facebook's Video Ambitions
CEO Mark Zuckerberg has been clear that he sees video playing a major role in Facebook's future. and that future is happening now. While video posts and views on Facebook are still a fraction of YouTube's, they are growing quickly. More than 50% of people who use Facebook daily in the US watch at least one video daily and 76% say they tend to discover the videos they watch on Facebook.
In the last year, the number of video posts per person on Facebook has increased 75% globally and 94% in the US. Shorter, timely video content tends to do well in News Feed, says Facebook.