Facebook Buys QuickFire Networks to Improve Its Video Streaming
It’s no secret that Facebook (FB) has grand ambitions for its video business. But for Facebook video to succeed, it also needs to work and work well. That’s the general idea behind the social giant’s latest acquisition, QuickFire Networks, which has a technology that essentially reduces the bandwidth needed to view video online without degrading its quality.
“QuickFire Networks was founded on the premise that the current network infrastructure is not sufficient to support the massive consumption of video that’s happening online without compromising on video quality,” said the startup’s CEO Craig Y. Lee in a statement. “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.”
That will be important to Facebook as video consumption on the social network continues to rise. Earlier this week, the company reported that video posts have gone up 75% in the past year, and it’s averaging 1 billion views per day globally.
Additionally, QuickFire’s technology might be helpful in driving video consumption internationally, particularly in regions that don’t have as powerful internet and Wi-Fi speeds as the US.
As part of the deal, some “key members” of the QuickFire team will be joining Facebook as the startup “winds down” its business operations, said Lee.
Facebook declined to reveal financial terms of the deal.
Tags: Acquisitions, facebook, QuickFire Networks, social video, Video Tech