The social network giant Facebook has reportedly announced to have acqui-hired a Utah-based interactive video startup, Vidpresso. As per authentic sources, Facebook would now be eligible to completely take over the seven-person team of Vidpresso.
The technology of Vidpresso is expected to be compatible with Facebook’s new video offerings that includes a user-generated content platform named as Watch and a new hub for long Instagram videos called IGTV.
Mark Zuckerberg, CEO, Facebook was quoted saying that the company intends to create new experiences that persuade people to connect and start conversations with offerings like Watch. He acknowledged that Facebook’s biggest challenge would be to urge its existing user base to try the new offerings.
As per sources familiar with the matter, Vidpresso has worked along broadcasters and publishers to superimpose interactive elements such as graphics, polls, and comments on their YouTube and Facebook videos. Vidpresso has an impressive client list including companies such as MTV, Fox Sports, Buzzfeed, BMW, TED, Nasdaq, Turner Sports, Univision, and NBC.
According to a statement issued by Vidpresso, the company was established in the year 2012 with an objective to make videos more like HTML which is easier to change, easier to author, and can be customized as per the requirements. The statement further mentions that joining Facebook provides the firm with an opportunity to offer a simple way for broadcasters, publishers, and creators to utilize social media in live video format at a high-quality level and fast-track the vision of the company.
Sources familiar with the development claim that the existing customers would still be able to use Vidpresso following its transition to Facebook. However, it remains unclear whether the product would still work with live videos on other video-sharing platforms like Periscope and YouTube.
According to reliable sources, the terms of the agreement are yet to be disclosed.