What is the Fate of Summly? Our Online Marketing Team Investigate
What is the Fate of Summly? Our Online Marketing Team InvestigateSummly, the mobile news app that takes any news story and condenses it into 400 words, has been bought by Yahoo for an ‘undisclosed sum.’ The company’s CEO announced the buy on Monday, as the founder of the app, Nick D’Alosio, has been taken on by Yahoo to work in its mobile team. Mr D’Alosio is said to be very happy with the move, though he would not confirm when the deal was signed or how much it was for, though the internet is awash with rumours that the amount was close to $30 million – 90% in cash and ten percent in stock. He said: ‘We were talking to investors last year when a number of companies approached us. It was Yahoo’s focus on mobile that fits in perfectly with what we do.’ Summly condenses news articles for the benefit of mobile users – making them easier and more convenient to read on the go. Mr D’Alosio claimed that ‘news on mobile devices was broken,’ with people skimming articles rather than reading them properly. By reducing news articles to just 350-400 words through its own algorithms, Summly is the ideal app for those that want to keep in the know on the go. Created in 2011 under the name ‘Trimit,’ the app was invented by 15 year old D’Alosio who used it as a tool to help him comb through the huge amount of information he needed to review for his school work. Hong Kong billionaire Li Ka-shing soon invested in the company and Summly was born. The company has attracted a number of celebrity investors including Ashton Kutcher and Lady Gaga, with total funds for Summly being raised to $1 million. If the rumoured prices for the deal are true, Mr D’Alosio has made a tidy profit for his app that has no clear strategy for making money. D’Alosio said in his own post that ‘Yahoo and Summly are a perfect fit,’ and though he hasn’t exactly said what will happen to Summly under Yahoo, Yahoo’s blog has reported that the app will close but the technology will ‘come to life’ throughout Yahoo’s mobile experiences soon. Keep up to date with the latest online marketing news by adding our blog to your RSS feed. We’ll keep you updated with the progress of the Summly app as the news comes in, plus all the latest and greatest online marketing news stories as they happen. Why not take a look at our online marketing services and see how our internet marketing team can benefit your business? Use the buttons below to contact us and discuss your requirements.
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