Snapchat acquires geofilter patent, shields it away from Facebook
Snapchat is finally taking a stand after Facebook-owned Instagram blatantly copied its most endearing features.
According to TechCrunch, the photo sharing app signed a deal worth $7.7 million to secure “GeoFilters” patent—or photo filters based on location—from Instagram competitor Mobli.
The purchase is believed to be the highest amount paid for a patent from the Israeli tech industry, the report said.
As seen in Snapchat’s most recent IPO (initial public offering) filing, the tech giant made $360 million of its $400 million revenue through “geo-filters”, which advertisers buy to promote certain products.
With Facebook having the reputation for copying some of Snap’s most effective features over the years, the Snapchat decided to purchase the geofilter patent before their competitor could get its hands on it. Snap is also reportedly taking measures to be protected from possible litigations that may come their way in the future.
Meanwhile, Facebook recently added a similar “geostickers” feature on Instagram, also offering the same location-specific tags which users can paste over images.
Although the update is only available at two cities at the moment, the move possibly indicates the company’s eagerness to roll out a wider geofilter function soon. Khristian Ibarrola/JB