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Video sharing app TikTok passed 1 billion downloads last month, and its parent company ByteDance is ramping up its efforts to monetize those users with ads, while also continuing to add more features to the app to keep people engaged. In a move that could help both of those efforts, ByteDance has made a small acquisition, picking up the assets of a defunct startup called GeoGif, which developed location-specific, animated stickers and overlays for videos, suggested to users when they capture video or images in specific places.
It seems that the location-based, animated element of what GeoGif built is the key part of what might be coming soon to TikTok, since the app already had a range of visual and audio filters and stickers to alter appearances and your voice, or just to embellish and further personalize your video.
Terms - Acquisition - Dean - Glas - GeoGif
The terms of the acquisition have not been disclosed, although we are asking both Dean Glas, one of GeoGif’s co-founders, as well as ByteDance and we will update if we learn more. In any case, the deal appears to include only the assets of the startup, which ceased operating more than two years ago, judging by activity on its social media accounts and LinkedIn profiles. CEO Dean Glas and his co-founder Mendy Raskin are now both working on new startups.
“We are excited for GeoGif to have a new home at TikTok,” said GeoGif’s CEO Dean Glas, “and we believe our features will be enjoyed by millions of users. We will work closely to make sure it’s a smooth transition that provides a long-term positive impact for the TikTok community.”
TikTok - Spokesperson - Features - GeoGif - TikTok
A TikTok spokesperson also confirmed that the features that were built for GeoGif will get rolled into the main TikTok app: “GeoGif and TikTok share a common goal which is enabling people to connect, consume,...
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