Yahoo Acquires Qwiki iPhone Application for £33 Million

After taking over Tumblr, Yahoo has now taken a step ahead by buying the movie making iPhone application, Qwiki.

Launched in 2011, Qwiki is an application available for iOS devices, which allows users to convert their music and photographs into a short movie automatically. It had received a lot of appraisals from other technology blogs and was also awarded the Tech Crunch Disrupt Award.

“The Qwiki app will live on as a standalone entity inside Yahoo!, where we will grow our thriving community and where our team will continue to work to help you share life’s best experiences,” Qwiki co-founder Doug Imbruce wrote on the official blog of Qwiki.

Last year, Qwiki signed a deal with ABC News, Yahoo news partner for creating interactive stories as quickly as possible. In the past, Qwiki has raised about £66 million ($10 million) from its investors.

The price of the deal has not yet been disclosed by the officials in Yahoo or Qwiki, but according to AllthingsD , Yahoo is said to have shelled out about £33 million ($50 million) for the application.

“We will continue to support the Qwiki app, and the team will join Yahoo! in our New York City office to reimagine Yahoo!’s storytelling experience,” said Yahoo in a blog post.

Yahoo is rebuilding the website after struggling in the past years as the competition increased with the upcoming search engines like Google and the birth of Facebook.

Since Marissa Mayer joined the search engine giant last year, there have been a lot of changes in the company. Yahoo has bought companies like Alike, Stamped and Snip and also redesigned the photo sharing application Flickr.

Yahoo has also been on a mission to win the advertisers back from its competitors like Google and Facebook. It has been out to buy blogging services and has already acquired Tumblr and Bignoggins Productions. Bignoggins specialises in sports applications for iOS devices.



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