Facebook is getting serious about video. Its latest statistics show a dramatic uptick in video watching on the social network and now it’s purchasing video compression startup Quickfire.
QuickFire’s technology can quickly transcode a video to take less bandwidth for users, without a drop in video quality, which is a natural fit for the social network.
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The acquisition means that Quickfire will be winding down business operations and some team members will be joining Facebook. The move is good news, especially for Facebook users in countries where bandwidth is much more scarce.
➤ Facebook acquires Quickfire [WSJ]