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Facebook is doubling down on video. After publishing its latest video metrics Wednesday, which show staggering growth, the company announced its purchase of QuickFire Networks Thursday.
QuickFire, not exactly a household name, cuts down the amount of bandwidth needed to stream video online, but keeps the quality of the image high. And that’s exactly what it will be doing at Facebook, powering the company’s increasing amount of video content, both in advertising and from its content partners. As Bloomberg pointed out, this will be useful for Facebook push into the developing world where the service’s users might not have as good of internet service.
At the moment, 1 billion videos are viewed a day on average on the social network, which is nearly one for every 1.35 billion Facebook users. Across the world, each person on Facebook posts an average of 75 percent more videos than they did a year ago. In the United States alone that number jumps to 94 percent. And across the world, 65 percent of that video consumption is happening on mobile. Facebook’s need for cutting edge video streaming technology will only increase as this trend continues.
From QuickFire’s announcement about the acquisition, it sounds like some members of the team will move on while others will join Facebook.