Facebook has just announced that it has acquired MSQRD, a video filter app. It looks like the social network has decided to heat up the competition with Snapchat.
Masquerade makes imaging software that jazzes up selfies and videos with fun filters and special effects. As a reminder, last year, Snapchat also made an acquisition, buying Looksery to load animated selfie filters and other funny video. After this acquisition, Snapchat rolled out animated effects for selfies and graphics, which allow users to turn into monsters or vomit rainbows.
So, starting with this day, MSQRD is part of Facebook’s family and will allow users to add filters, emojis, text, and stickers to videos and photos.
“Masquerade has built a fantastic app, MSQRD, with world-class imaging technology for video. We’re excited to welcome Masquerade to our team and continue enhancing the Facebook video experience,” a spokesperson for Facebook declared.
To be added that in the last couple of years, Masquerade has entirely focused on expanding its video features, including video editing tools. The company managed to add a large variety of features, like texts and stickers on images.
Probably, the most important thing about this deal is the price. Unfortunately, Facebook and Masquerade did not disclose the price of the deal, but one thing is interesting. Funny or not, Eugene Gordeev, an investor of Russia, previously declared that MSQRD will be acquired by Apple for approximately 117 dollars.
After that, Gordeev declared that it was all a joke. With this new acquisition, Facebook will be able to run new features that will be a huge attraction for younger users and it will grow the competition with other social apps, like Snapchat.
Another target for Facebook are videos. It is not a secret anymore that Facebook is eager to tap into television advertising budgets. To be added that Facebook users watch more than 90 million hours of videos on the giant social platform. Even if Facebook is dominating the messaging app market, with Messenger, WhatsApp and Instagram, it could not draw audiences of all ages.
“Video communication is exploding. At Masquerade, we’ve worked hard to make video more fun and engaging by creating filters that enhance and alter your appearance. Now, we’re excited to join forces with Facebook and bring the technology to even more people,” has declared Eugene Nevgen, CEO of Masquerade.
Even if now it is part of Facebook’s family, MSQRD app will continue to run independently.
However, the app’s key employees include founders, Nevgen, Eugene Zatepyakin and Sergey Gonchar, will join Facebook’s office, situated in London.
Even if Facebook is trying to grow its popularity when it comes to younger users with Snapchat, we must not forget that the social network has tried to buy Snapchat some time ago, for approximately 3 billion dollars.
