Yahoo Purchases IntoNow, Looks to Make More Social Media Inroads
Posted by Dave Thomas on April 25, 2011 in Business News, Social Networking [ 1 Comment ]
By purchasing recent start-up IntoNow, Yahoo hopes to gain more of a foothold in the social media arena.
The Silicon Valley-based Internet giant announced April 25 that it had acquired IntoNow, which allows users to identify and share television programs with friends, even though the company has only been in existence since January 2011.
IntoNow works through an app on a user’s phone, whereby it scans the audio waves from television sets and identifies those shows on the airwaves. As the shows are identified, the service makes it simple to share them with friends using such social media venues as Twitter and Facebook. IntoNow had indexed more than five years’ worth of U.S.-based television programming, allowing it to identify content right to the airing date, episode details and time within the program.
Even though the companies did not disclose financial terms of the deal (TechCrunch reported the sale was for $27 million), one can’t help but think IntoNow’s team (seven people) may look at the sale with mixed feelings.
While company CEO Adam Cahan (former Google executive) says the IntoNow team is happy to become part of the Yahoo brand, global scale and reach, one must wonder if IntoNow might have wanted to grow some more in order to enhance its asking price.
As for Yahoo, it views the acquisition as an opportunity to grow its social media opportunities, having fallen behind sites like Facebook and Twitter in recent years.
Yahoo believes the IntoNow app Cahan’s team has constructed clearly shows the possibilities such technology offers throughout Yahoo!’s network. That feeling is thought to be especially true as it relates to Yahoo!’s video content, search, mobile and connected television experiences, according to a Yahoo spokesperson.
Is Yahoo likely to buy more companies that prove a good fit in an effort to improve its social media footprints?
You may just find out the next time you receive a tweet or come across a shared message on Facebook.