Yahoo acquires Artifact, AI news platform by Instagram founders

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Yahoo acquires AI news platform Artifact, founded by Instagram co-founders Systrom and Krieger. Artifact decided to wind down its operations in January, citing limited market opportunities. Yahoo’s acquisition highlights challenges faced by media startups amid Big Tech dominance. Systrom and Krieger will advise Yahoo during the transition period. Yahoo announces its acquisition of Artifact, an AI news platform founded by Instagram co-founders, signaling the challenges faced by media startups against Big Tech dominance. The deal aims to integrate Artifact’s technology into Yahoo’s news services.

Acquisition and integration On Tuesday, Yahoo announced its acquisition of Artifact, an AI-driven news platform co-founded by Instagram’s creators. The company revealed plans to integrate Artifact’s technology into its various news and web services across the United States. Also read: Top tech news stories today: March 29, 2024 This agreement underscores the ongoing challenges faced by media startups striving to increase revenue, especially with Big Tech giants like Alphabet and Meta Platforms dominating advertising sales.

In January, Artifact announced its decision to cease operations of its app due to limited public evidence market opportunities, as stated in a blog post. Yahoo, which boasts news brands such as TechCrunch, Engadget, and Yahoo Finance, emphasized that Artifact’s AI-powered recommendation engine and other features will enhance its news services, delivering tailored content to its audience. Furthermore, Yahoo holds a minority stake in the content recommendation platform Taboola. Financial details of the acquisition were not disclosed by Yahoo, which was purchased by the private equity firm Apollo Global Management for $5 billion in 2021.

Background and founders Artifact, founded in early 2023 by Systrom and Mike Krieger, former employees of Meta (formerly Facebook) following its acquisition of Instagram in 2012, was launched with the aim to revolutionize news dissemination. Systrom and Krieger departed from Meta in late 2018, reportedly due to conflicts with Meta CEO Mark Zuckerberg and differences in their vision for Instagram, as indicated by subsequent media reports. Yahoo stated that Systrom and Krieger will serve as advisors during the transition period.