Just one day after touting the substantial growth it has experienced on the video front, Facebook announced Thursday that it has acquired QuickFire Networks, which focuses on lowering the bandwidth requirements for videos without sacrificing quality.
The social network trumpeted its video success in a Facebook IQ post Wednesday, saying that it has averaged more than 1 billion daily video views since June, and that more than 50 percent of U.S. Facebook users who come back to the site on a daily basis watch at least one video per day, among other factoids.
The about page on the QuickFire Networks website reads:
Based in San Diego, QuickFire Networks offers the fastest cloud-based transcoding and ultra-high-density platforms to meet the demanding needs of content creators around the globe. Surrendering to customer demand for 4K? Fighting a losing battle by trying to keep up with your company’s transcoding demands? QuickFire Networks will provide you with the weapons necessary to meet the onslaught of the video revolution.
Facebook said in a statement announcing the acquisition:
Video is an essential part of the Facebook experience. We are excited to bring QuickFire Networks on board as we continue delivering a high-quality video experience to the over 1.3 billion people who use Facebook.
And QuickFire Networks CEO Craig Y. Lee said in a post announcing the deal:
We’re excited to announce today that we are joining Facebook.
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. QuickFire Networks solves this capacity problem via proprietary technology that dramatically reduces the bandwidth needed to view video online without degrading video quality. 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 1 billion video views on average every day, and we’re thrilled to help deliver high-quality video experiences to all of the people who consume video on Facebook.
As part of this, some key members of our team will be joining Facebook, and we will wind down our business operations. We will be reaching out to individual customers and partners, but if you have any questions or concerns, don’t hesitate to let us know by emailing us at email@example.com.
Readers: What do you think of Facebook’s latest acquisition?