Yesterday, Facebook snatched up video tech startup QuickFire Networks. No word on how much it cost Facebook, but I imagine the folks at QuickFire are doing quite well this morning.
QuickFire CEO Craig Y. Lee announced the acquisition in a post on the company’s website. “We’re excited to announce today that we are joining Facebook,” writes Lee.
Lee talked about how his company is ready for the “next step in our growth.” Several key members of QuickFire will be joining Facebook.
Ok, so who is QuickFire?
The company was created to combat current network infrastructure and its inefficiencies. Notably, when it comes to video and the bandwidth required to view online video. QuickFire uses proprietary technology to reduce the amount of bandwidth needed, but also keeping video quality the same.
Why did Facebook buy them?
This is easy. Check out this post Facebook post from earlier in the week titled, ‘What the Shift to Video Means for Creators.’
Video is becoming an integral part of Facebook. Over the past year, the number of videos each user posted has increased 75% across the world. The increase is even bigger in the U.S. at 95%.
Over the past six months, Facebook averages more than 1 billion video views per day. Facebook is also becoming a video discovery engine with “76% of people in the US who use Facebook say they tend to discover the videos they watch on Facebook.
That’s no YouTube, but it’s still impressive. And, that’s where QuickFire can help. Reducing bandwidth means less servers which means less costs.
Plus, the lower bandwidth usage would be a big plus in emerging markets. Slower internet speeds often impact these areas.
Lower bandwidth would also help folks with bandwidth caps. Thanks, Comcast.