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.
Google Engineers Reveal That Their "Unsafe" Code Causes 70% of Security Vulnerability
Google engineers have revealed that 70% of security bugs could actually be because of their "unsafe" code. The company blames C and C++ coding languages.
Here's the Easiest Way to Transfer Google Play Music to Youtube Music: From Android, iOs or Web Browser!
Google Play Music is now part of YouTube Music, and hence Google just released information enabling subscribers to move their libraries, preferences, and playlists over to YouTube.
MORE IN ITECHPOST
Want To View Inaccessible Content That's Region Locked? ExpressVPN Is On Sale!
When viewing content online, you may come across content that's not available for you because of your location. A VPN can help you bypass those restrictions!
[Video] SpaceX Starship Prototype Explodes Ahead of Upcoming Historic Crewed Rocket Launch
Before the upcoming historic crewed rocket launch by SpaceX's Dragon, the Starship prototype exploded in Texas!
Darkest Dungeon Is Celebrating Its New DLC With A Free Weekend: Here Are Some Tips To Help You Out!
Red Hook Studio's Darkest Dungeon has had a new DLC released on Steam and with it a free weekend. Grab the PvP game and try it out after reading these tips on how you can play the game the best you can.