Facebook has acquired the Spanish video game streaming company PlayGiga.

After rumors last week, the social media giant confirmed the deal to CNBC on Wednesday. Facebook declined to comment on the price, but some outlets have suggested the sale could be around $78m.

The social media and advertising company says more than 700 million people use its services monthly for gaming.

Earlier this year, the company added the Gaming Hub to Facebook’s main navigation menu. In a bid to unseat Twitch (owned by Amazon), the Gaming Hub includes live streaming and the ability for players and fans to interact.

The acquisition of PlayGiga follows Facebook’s announcement last month to buy Beat Games, a developer of virtual reality title Beat Saber 0 Beat Saber has sold over one million copies and raked in about $20m in revenue.

No more of those pesky downloads

PlayGiga is establishing its business model around Gaming-as-a-Service, where users can theoretically use a virtual gaming rig run on the cloud.

This allows customers to stream video games and play them regardless of their own computer’s limitations. PlayGiga believes its ideas will flourish once 5G has sufficiently been deployed and has since been focusing on how it can operate at the Edge.

According to the newspaper Cinco Días, PlayGiga intends to be the “Spanish Netflix” but for video games. The company does not make its own games and therefore must license them from publishers like Warner, Disney, Capcom, Sega and Square Enix.

Gaming cloud projects that are already running or in the works include Google's Stadia, Microsoft's xCloud project, Electronic Arts' Project Atlas, Nvidia's GeForce Now service, and Sony's PlayStation Now.