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Yahoo Acquires Instagram Co-founders' AI-Driven News Platform, Artifact

CIO Insider Team | Wednesday, 3 April, 2024

According to reports, Yahoo has acquired Instagram co-founders' AI-driven news platform, Artifact, and will incorporate its technology across the U.S. web services provider's news and other sites.

Big Tech giants Alphabet and Meta Platforms are attracting the bulk of advertising sales, signaling continued pain for media start-ups struggling to make money.

In January, Artifact announced that it would cease operations of its app, citing that "the market opportunity isn't large enough to warrant continued investment in this manner."

Yahoo, who owns news brands TechCrunch, Engadget and Yahoo Finance, said Artifact's AI-powered recommendation engine and other features will help scale its news operations and deliver personalized content to audience.
A minority stake in content recommendation platform Taboola belongs to the online publication.

Private equity firm Apollo Global Management bought out Yahoo for $5 billion in 2021, despite declining to provide financial information.

Systrom and Mike Krieger unveiled Artifact in the first quarter of 2023. After the company's acquisition of Instagram in 2012, they were at Meta.

Systrom and Krieger will work with Yahoo in an advisory capacity during this transition

In late 2018, the duo left the Facebook owner due to their strained relationship with Meta boss Mark Zuckerberg and differences in their visions for Instagram.

Systrom and Krieger will work with Yahoo in an advisory capacity during this transition, Yahoo says.

Hundreds of millions of people worldwide are connected to their favorite things through tech and business networks. A powerful, open platform that connects brands and publishers to passionate fans is what Yahoo Sports has to offer.

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