Yahoo Acquires AI-driven News Platform Artifact
Yahoo said on Tuesday it has acquired Artifact, an AI-driven news platform founded by Instagram co-founders Kevin Systrom and Mike Krieger.
The acquisition marks Yahoo's effort to integrate Artifact's innovative technology into its web services, with plans to utilise its AI-powered recommendation engine to deliver personalised content across its platforms.
This move comes at a time when media startups are grappling with revenue generation, with tech giants like Alphabet and Meta dominating the advertising market.
Artifact had previously announced its decision to wind down operations in January, citing limited market opportunities. Yahoo sees the potential in Artifact's technology to scale its news operations and provide tailored content to its audience, which includes popular news brands such as TechCrunch, Engadget and Yahoo Finance.
Yahoo, which was acquired by private equity firm Apollo Global Management for USD 5 billion in 2021, remains focused on expanding its offerings. Artifact, launched in early 2023 by Systrom and Krieger, saw the duo bring their expertise from their tenure at Meta, formerly known as Facebook, after Instagram's acquisition in 2012.
Systrom and Krieger's departure from Meta in 2018 was reportedly due to strained relations with Meta CEO Mark Zuckerberg and differences in their vision for Instagram. As part of the acquisition, both Systrom and Krieger will serve in advisory roles during the transition period, offering their insights to Yahoo's team.
