Is FB’s UK business worth $347M? I would call their bluff out of spite and just cut off service with a nice page that has the phone number and email of the bureaucrat that made the decision.
Their '23 Q1 10-K shows Europe revenue of $6.8B (for the quarter). By population the UK is 67M / 746M = 9% of the region. So that suggests the UK is responsible for $6.8B40.09=$2.4B of revenue per year, likely more as Facebook has high penetration there and it's a high value advertising market.
I wonder if they could've just cut off Giphy in the UK (likely much smaller), which would theoretically keep the UK wide open for gif-sharing competition.
Yes, UK is 5th/6th biggest economy in the world, depending on who you ask. Honestly surprising to me as well, it's felt very small and inwardly focused last decade or so. There's some definite irony in me saying that as an American.
