Yahoo has announced its acquisition of Artifact, the popular AI-powered news app founded by Instagram’s co-founders Kevin Systrom and Mike Krieger. The financial details of the deal were not disclosed, but this acquisition marks a pivotal moment for the future of both companies.
As a result of the acquisition, Artifact will no longer function as a standalone app. However, its innovative AI technology will be integrated across Yahoo’s platforms, notably the Yahoo News app, in the upcoming months. This move has been made by Yahoo, the parent company of TechCrunch, to enhance their offerings and cater to the evolving needs of their users.
Systrom and Krieger will continue to work with Yahoo in an advisory role during this transition phase. This collaboration between Yahoo and Artifact is a testament to the potential of their AI technology and the combined efforts of both teams to deliver a superior experience to their users.
Artifact has become a beloved product and we’re thrilled to be able to continue to grow that technology and further our mission of becoming the trusted guide to digital information and the best curator connecting people to the content that matters most to them.
– Kat Downs Mulder, SVP and General Manager of Yahoo News
The decision to acquire Artifact comes a few months after the news app announced its winding down of operations, citing limited market potential for sustained investment. Although Artifact was initially designed as a simple news app, it eventually evolved into a potential replacement for Twitter. However, with numerous competitors already vying for the same space, such as Meta’s Threads, the market was deemed too competitive for Artifact to thrive.
Artifact’s AI technology personalizes content for users, adapting to their interests over time. This results in a customized news feed tailored to their preferences. The app also offered various AI tools, including news summarization, rewriting clickbait headlines, and surfacing the best content. Yahoo is excited to bring these capabilities into their portfolio, stating that it will accelerate their ability to connect users with richer content experiences and personalized results.
Systrom expressed his enthusiasm for the partnership, stating that Artifact’s technology has the potential to benefit millions of people. He believes that Yahoo’s vast reach will provide the ideal platform to achieve their initial vision of connecting people with trusted sources of news and information.
Yahoo brings the scale to help the product achieve what we envisioned while upholding the belief that connecting people to the trusted sources of news and information is as critical as ever.
– Kevin Systrom
