Facebook boosts video credentials with QuickFire Networks acquisition
DetailsJoseph O'Halloran | 09 January 2015
In what will inevitably be just the first of its forays into video in 2015, Facebook has bought QuickFire Networks.
facebookQuickFire Networks provides video network infrastructure acceleration products designed to solve capacity problems via proprietary technology that it says 'dramatically' reduces the bandwidth needed to view online video without degrading video quality. Indeed it says that its very formation was founded on the premise that current infrastructures are not sufficient to support the massive consumption of video that's happening online without compromising on video quality.
In that regard the company appears an ideal fit for the social media giant, which is expected to expand rapidly its video proposition. Indeed in December 2014, Patrick Harris, director of global agency development at Facebook, told the TVOT show that Facebook would play a more prominent role in video, working with industry partners to deliver a better experience. He said: "Content today is at its best for decades ... our role is to be a place of discovery and help how to find great content."
The deal comes only days after Facebook released data revealing that globally, the amount of video from people and brands in its News Feed had increased 3.6 times year-over-year. Moreover, it added that since June 2014, Facebook has averaged more than one billion video views every day. On average, more than 50% of people who come back to Facebook every day in the US watch at least one video daily and 76% of people in the US who use Facebook say they tend to discover the videos they watch on Facebook.
The QuickFire Networks website has been closed down with only a statement from CEO Craig Lee explaining the rationale for being sold to Facebook. In it, Lee said: "Over the past few years, the team has worked hard to meet the demanding needs of content creators around the world. Ultimately our goal has always been to provide a premium quality, immediate, bandwidth-friendly video experience to consumers. Now we're ready to take the next step in our growth. Facebook has more than one billion video views on average every day and we're thrilled to help deliver high quality video experiences to all the people who consume video on Facebook."