Yahoo acquires video app Qwiki in a deal believed to be worth $50 million
Merely a day after acquiring fantasy sports app developer Bignoggins, Yahoo today announced another acquisition, Qwiki, makers of the iPhone app that allows users to turn photos on their iPhones to movies automatically.
Yahoo describes Qwiki as, “A company that uses awesome technology to bring together pictures, music and video to capture the art of storytelling.” The app, only available for iOS devices essentially strings together photos on your iPhone and automatically makes a video with transition effects and soundtrack.
Though details of the deal itself weren’t revealed, AllThingsD cites sources saying that the deal is worth around $50 million. Yahoo further mentions that the Qwiki team will join the San Francisco office and it will in no way tinker around with the app.