Facebook acquires gaming firm PlayGiga to push cloud gaming

To set the foundation in cloud-based game streaming market, Facebook has acquired Spanish video gaming firm PlayGiga. A Facebook spokesperson confirmed the deal to CNBC, after Spanish business newspaper Cinco Dias reported late last week that the acquisition was coming and that the price was approximately 70 million euros (about $78 million). “We’re thrilled to welcome PlayGiga to the Facebook Gaming team,” said a Facebook spokesperson. Facebook has been expanding its efforts in gaming in recent years as it looks to expand in markets outside of online advertising. “We are excited to announce that the PlayGiga team is moving on to something new,” the company says on the main page of its website. “We are continuing our work in cloud gaming, now with a new mission. We want to thank all of our partners and customers for their support over the years.” The arrival of Cloud-based game streaming services like Apple Arcade, Google Stadia and the upcoming Microsoft xCloud is all set to change the way people play games, threatening the very survival of traditional gaming industry ruled by consoles like Microsoft Xbox and Sony PlayStation