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Yahoo acquires social media app Qwiki for an estimated $50 million

Qwiki, a mobile application that turns photos and video clips into a slideshow for sharing social media, has been acquired by Yahoo for an estimated $50 million.

When Marissa Mayer was crowned Yahoo’s new CEO, she immediately made it clear that she intends to weed out what wasn’t working and install what should, and in her opinion it’s mobile and social.

Qwiki started out as a video search engine, but then later evolved into a popular mobile platform.  According to the company’s blog, the Yahoo acquisition won’t affect current or future users as the app will continue to be a “standalone entity inside Yahoo.”

“…We will grow our thriving community and… will continue to work to help you share life’s best experiences.”

With large scale purchases like the recent $1.1 billion Tumblr deal and medium roundups of companies like Qwiki, Yahoo is hoping that it can contend with other cyberspace companies like Google and Facebook.  Whether or not Yahoo can turn its luck around by going on a spending spree is still unanswered, but for the time being it appears as though Mayer is looking to find success through external acquisitions rather than internal developments.

Source: allthingsd

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