GIPHY is dealing with gif files, which are much larger and less efficient bandwidth-wise than silent webm videos, such as those peddled by Gfycat. Why on earth

GIPHY is dealing with gif files, which are much larger and less efficient bandwidth-wise than silent webm videos, such as those peddled by Gfycat. Why on earth would GIPHY be the way to go instead of a company looking to improve the paradigm? From a technology perspective, dealing in GIF at this obnoxious volume will be needlessly expensive and difficult to scale. Perhaps GIPHY has convinced VCs that they are a new medium within the 'storytelling' trend that many brands are latching on to. But I don't see GIPHY being able to scale this product successfully to the point where they can start monetizing, without having to abandon their antiquated file format.