As one of the world’s largest multinational tech company, Google brings in around $75 billion in revenue every year. Even so, it is constantly on the lookout for new products and services that it can buy from other companies in a bid to better its own. Last year, Google took advantage of the technology that was invented and frequently used by one of the largest social networking companies. It will now use that program to its own advantage.
Google’s Purchase of Twitter’s Fabric
Twitter has invented an developer platform called Fabric that became immensely popular with companies throughout the world. Before Google purchased it, thousands of businesses used it to create and launch their mobile apps that helped them expand businesses’ growth and visibility on new markets.
Fabric piqued the curiosity of Google so much that the tech giant eventually purchased it from Twitter for an undisclosed amount of money. The purchase gave Google access to the platform and all of the technology that it entailed. However, it did not include a personnel transfer. Twitter will keep its own leaders with the exception of Rich Paret who will join Google to take over Fabric.
What does this mean for Google?
As the world’s most frequently used search engine, Google will presumably turn Fabric into its premier entity for app creation. Google might also combine Fabric with its other desktop and mobile website building resources like Keywords. App developers now have a one-shop stop for all of their website creation needs without having to waste their time, energy, and money on separate resources. Moreover, Google, will certainly boost its already impressive annual revenue and could soon pull rank with top tech companies like Apple and Samsung. Just as it acquired Fabric from Twitter, the web search giant might also be on the next best tech purchase from other social media companies.
The Rise of New Social Media in 2017
While Twitter and Facebook continue to reign the world of social networking, their days might be numbered with the rise of social media platforms like Snapchat. In fact, many of the youngest social media users, dubbed Generation Z, sense websites such as Twitter and Facebook are outdatedas tey are accessed by older people. They do not want to share Internet space with their parents – the Gen X-ers – and grandparents – the Baby Boomers. As a result, Snapchat has become increasingly popular with the Gen Z audience primarily because their parents, grandparents, and even some Millennials have yet to catch onto it.
Snapchat is so successful that it has recently filed for its initial public offering (IPO). It is now estimated to go public in March. If it manages to secure its own IPO, it could become a breakout tech company like Google proved to be in 2005 when it went public. Also, if it continues to remain the favorite of the newest generation of social media users while securing a constant growth, it could soon dethrone longstanding favorites like Twitter and Facebook. Both of these social media companies could share the fate of MySpace if Snapchat overtakes them.
The rise of Snapchat is one tech story to follow closely in 2017. The Venice, Calif-based company might soon morph into one of the largest multinational tech companies in the world, even taking a place alongside giants like Google. On the other hand, experts think Google will retain its position as one of the most powerful tech companies in the world thanks in part to its purchase of Twitter’s Fabric.
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