August 7, 2022

Yahoo Makes Teen a Millionaire

Yahoo acquires SummlySunnyvale, California–In as many weeks, Yahoo! has acquired two digital entities. First, it was the social recommendation site Jybe, which has been purchased for an undisclosed amount. Now, it’s a mobile news site, and it’s making one British-Australian teen millions.

In a statement released on Monday, the tech company announced it was entering a $30 million deal to purchase Summly, the creation of now 17 year-old Nick D’Aloisio.

Two years ago, the teen saw a need for putting lengthy news stories into a snapshot. His contrivance would do just that, aggregating news into quickly digestible snippets.

“Mobile devices are at the center of how we engage with the people, experiences and interests we love. Across Yahoo, we’re focused on creating beautiful experiences that people are excited to use every day — products that inspire and delight,” Adam Cahan, Yahoo’s senior vice president of mobile and emerging products,  wrote in a statement.

Indeed, mobile internet access is on a steep rise and Yahoo’s acquisition of the Summly app only reinforces recent consumer trends.

The tech company will shut down the mobile news app, as it did with Jybe. Yahoo will roll the app’s technology into current products the company now supports.

Overall, Yahoo appears to be embarking on a strategy to connect with users on a more personal level through both desktop and mobile devices. Recent studies have shown that mobile internet connectivity and search are becoming preferred methods for browsing.

Yahoo has been undergoing many changes since Marissa Mayer took over as CEO, including redesigning its webpage in February of this year–another move towards personalization.

Integration of traditional desktop sites to mobile have been a trend since smartphones are so popular, “Summly solves this by delivering snapshots of stories, giving you a simple and elegant way to find the news you want, faster than ever before. For publishers, the Summly technology provides a new approach to drive interest in stories and reach a generation of mobile users that want information on the go,” the statement by Cahan reads.