Facebook Buys Video Compression Startup QuickFire

You certainly cannot accuse Facebook of getting 2015 off to a slow start. The social network just announced its second acquisition of the week, and it looks like it could be a big one. Although details of the transaction, including its cost, were not revealed, FacebookEUs latest move could help set it up to take on YouTube.

The deal in question is FacebookEUs acquisition of QuickFire Networks, a video compression technology start-up. Although not typically associated with video content, videos are one of the fastest growing types of content being shared on its site, according to the company. On Monday, Facebook acquired Wit.ai, a company that makes voice recognition technology for wearable devices and Internet-connected appliances.

An Increasing Priority

EUWeEUre increasingly seeing a shift towards visual content on Facebook, especially with video,EU Facebook wrote in a company blog post on Wednesday, just before it announced the acquisition of QuickFire. EUIn just one year, the number of video posts per person has increased 75 percent globally and 94 percent in the U.S.EU Globally, the numbers of videos from people and brands in News Feed has increased 3.6 times, year-over-year, the company said.

Since June, Facebook has averaged more than 1 billion video views every day. On average, more than 50 percent of people who come back to Facebook every day in the U.S. watch at least one video daily. Additionally, 76 percent of people in the U.S. who use Facebook tend to discover the videos they watch on Facebook, the company wrote.

With that much traffic, it is little wonder that the social network is doing more to prioritize visual content. CEO Mark Zuckerberg underscored that point during the companyEUs third-quarter conference call in October. EUVideo is a very big priority,EU he said, adding that a lot of the content people share will be...

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