Snapchat To Hand Google $2 Billion For Cloud Service Use
The company behind the famous social media app Snapchat called Snap Inc., intends to hand out a whopping $2 billion to Google over the next five years. A sum agreed so the company can use the Google cloud computing services. Snap unveiled the news this Thursday during a public offering filing with the U.S. Securities and Exchange Commission.
Snap and Google signed an agreement on Jan. 30 that obliges Snap to shell out at least $400 million from its pockets every year on Google cloud services for a good five years until 2022. During the first four years of the deal, the company can be pardoned when it delays a portion of its payments.
Snap can roll 15 percent of the amount to the following year although it will have to pay the difference if the minimum purchase agreement is unmet. In exchange, Snap will be able to enjoy discounts from Google. "Any disruption of or interference with our use of the Google Cloud operation would negatively affect our operations and seriously harm our business," wrote Snap in the filing.
According to Snap, it depends on Google for a "vast majority" of its "computing, bandwidth and other services." There is still potential risk as Google can always discontinue the platform, change the terms of services or just go horribly wrong. However, Google is still religiously investing in the cloud platform as it aims to launch new cloud data centers.
With this deal, Snap proves that it is not afraid to take big risks. The company previously acquired an Israeli startup named Cimagine, which centered on augmented reality tech. The tech allows users to virtually place objects according to their liking on their mobile devicesand that's just one of the many recent acquisitions of the company. In 2016, Snap got hold of Vurb, Flite, Seen and Bitstrips.
Google And Employees Donate $4 Million For Immigration Crisis
Google is handing out 4 million USD to support causes related to immigration following Trump's recent executive order.
Google Allows Developers To Submit Apps For DayDream VR
Developers that want to see their app on Daydream must meet certain criteria.
Gmail To End Support On Lower Versions Of Google Chrome
Gmail's support for older Chrome browser versions will stop by the end of 2017.
5 Reasons Why Android OS Is Better Than IOS
Apple and Google will always have its patrons. But for those who simply want a device that suits their needs the choice between an Android device or an iOS device can be a difficult one. Let's make it easier for you: Android
Best Microphones for Meetings: Perfect for Zoom, Skype, Google Hangouts, and More
Zoom? Skype? Google Hangouts? Here are the best microphones for meetings.
MORE IN ITECHPOST
At-Risk Mental Health for Students: Developing Resilience Among Students amid the Coronavirus Pandemic
At-Risk Mental Health for Students to help students struggling with their mental health, especially now amid the pandemic. It focuses more on developing students' resilience.
Tech Leaders and Health Authorities Join Forces, Launch New Initiative to Help Fight Pandemic and Future Epidemics
Two contact tracing apps have been successfully launched recently in Canada and Ireland. The open-source code underlying these apps has been contributed to a newly launched initiative to help other countries and U.S. states in the fight against the pandemic.
Fairy Tail Game Releases a Season Pass, a Week After It Was Launched
The anime RPG Fairy Tail from Koei Tecmo has just released a season pass that will release additional characters and content into the game, just a week after it was launched.
The 10 Longest-Running Anime Series Still Ongoing That You Must Not Fail to Watch [Top 1 Has 7000 Episodes]
Here are ten (10) of the longest-running anime series still in production until now. You wouldn't want to miss especially the holder of a Guinness World Records with 7000 plus episodes.