Google has already spent $68.2 million freaking dollars today (Electronista). The money went towards the purchase of Global IP Solutions, a company that specializes in both audio and video through IP. This could be one of the first steps towards Android video chat.
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Last month, Global IP Solutions launched GIPS VideoEngine, which works to integrate video chat into Android applications. It seems pretty cut-and-dried that this acquisition is part of Google's plan to compete with the new iPhone's video chat feature. Apple's video-chat is unlikely to work over anything but WiFi. Global IP already has experience adapting bitrate for the differences between 3G and WiFi. With any luck, Google's video chat will give us more options than the limited one planned by Apple.