Facebook buys video startup QuickFire

Social network operator Facebook said it bought QuickFire Networks, a startup that helps view high-quality video with low bandwidth. QuickFire announced the acquisition on its blog on Thursday. Facebook and QuickFire did not disclose the terms of the deal. Quickfire is based in San Diego and is known to quickly convert video formats and allow them to be downloaded with less bandwidth and without a loss in video quality, reveals WSJ. Facebook’s acquisition of the video technology company comes a day after it said in a blog it averaged more than 1 billion video views every day since June 2014. The social network revealed that video posts per user are up by 75 percent around the world, and 94 percent in the US. This shows that the number of videos in a  user’s News Feed from people and brands has increased up to 3.6 times compared to last year. With inputs from Reuters