Yesterday, Yahoo! announced the purchase of the social news site Snip.it for a rumored “mid-teens” of millions of dollars. Snip.it’s site has since been shut down, with a message on its homepage indicating an expanded platform on Yahoo! focusing on social news.
Snip.it launched in late 2011 as a social news platform that allows users to bookmark content on the web while also providing their own content or opinions alongside it. To the naked eye, Snip.it looks very similar to the online scrapbooking site Pinterest in layout, but its news and user opinion content differentiates this tool from other social pinning sites.
(image courtesy of Mashable)
For the past few months, Yahoo! has been hinting that they’re looking to become a destination for content, not just for searching. Earlier this week, Yahoo!’s COO told conference attendees in Munich that an overhaul of the website might be in the near future, citing the need to concentrate on personalization and new tech. Yesterday, when a Yahoo! rep confirmed the purchase of Snip.it, the company stated that the acquisition “will help us build experiences that bring people with shared interests together.”
Current Snip.it users have until February 21 to download their data. Conveniently, Clipix – a competitor site – is encouraging Snip.it users to migrate their snips into new clips on their site.
Yahoo!’s acquisition is just another example of how search engines, social communities and websites are shifting their emphasis to a more personalized web experience. I’m excited for what the future holds!