Yahoo said on Tuesday (3 April) that it had acquired Artifact, Instagram co-founders’ AI-driven news platform, and will use its underlying technology to bolster its news and other sites.
The US web service provider, which owns TechCrunch, Engadget and Yahoo Finance, said the news sites will be implemented with Artificat’s AI features to boost personalised content in its news operations.
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Artifact said in January that it would be closing down its app as “the market opportunity isn’t big enough to warrant continued investment in this way.”
“It’s easy for startups to ignore this reality, but often making the tough call earlier is better for everyone involved,” the company wrote in a statement. “The biggest opportunity cost is time working on newer, bigger and better things that have the ability to reach many millions of people.”
The Yahoo and Artifact deal comes as Big Tech continues to dominate the media landscape with the majority of advertising sales, leaving media startups struggling to grow revenue.
Artifact was launched in early 2023 by Kevin Systrom and Mike Krieger, who co-founded Instagram in 2010.
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By GlobalDataSystrom and Krieger joined Meta after its acquisition of Instagram in 2012. The duo left the Facebook maker in 2018, reportedly due to a strained relationship with CEO Mark Zuckerberg.
