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Yahoo said Tuesday it has acquired Artifact, the Instagram co-founder’s AI-powered news platform, and will integrate its technology into the U.S. web service provider’s news and other sites.

The deal signals continued pain for media startups struggling to grow revenue at a time when tech giants Alphabet and Metaplatform derive most of their revenue from advertising.

In January, Artifact said in a blog post that it would cease operating the app because “the market opportunity is not large enough to warrant continued investment in this way.”

Yahoo, which also owns news brands TechCrunch, Engadget and Yahoo Finance, said Artifact’s AI-powered recommendation engine and other features will help it scale its news operations and deliver personalized content to its audience.

The online publisher also owns a minority stake in content recommendation platform Taboola.

Yahoo, which declined to share financial details, was sold to private equity firm Apollo Global Management in 2021 for $5 billion (about Rs. 41,730 crore).

Artifact was released in early 2023 by Systrom and Mike Krieger. They worked at Meta, then known as Facebook after Instagram was acquired in 2012.

The duo left the Facebook owner at the end of 2018, which some media reports later attributed to their strained relationship with Meta boss Mark Zuckerberg and differences in their vision for Instagram.

Systrom and Krieger will serve as advisors to Yahoo during the transition, Yahoo said in a statement.

© Thomson Reuters 2024

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