Google is in talks to acquire Firework a free smartphone app that lets users share short videos as it seeks to make inroads into the social-mobile market that’s dominated by Chinese giant TikTok.
Firework, based in Redwood City, California, was valued at more than $100 million in a fundraising round earlier this year, although Google and Firework haven’t yet discussed pricing, according to The Wall Street Journal.
Weibo, China’s version of Twitter, has also expressed interested in Firework but talks with Google are further along, the people told the Journal.
Google has had amazing success with YouTube, which it acquired in 2006 for $1.65 billion and grew into the world biggest online video destination with two billion monthly users.
But short videos shot and shared on mobile phones are becoming the new normal. YouTube executives are said to be involved in discussions over the potential Firework deal, and Google is exploring other acquisitions in the space as well.
Firework was launched last year by former executives from Snap, LinkedIn and JPMorgan Chase & Co. Earlier this year raised around $30 million from venture-capital firms including IDG Capital, GSR Venture and Lightspeed Venture Partners China, the WSJ said.
Ref;nypost.com