By Sahil Patel
Storyful, a Dublin-based social video news startup that specializes in discovering, verifying, and distributing user-generated clips to news companies and advertisers, has been acquired by News Corp for $25 million.
Storyful monitors social media platforms like Facebook, Twitter, Instagram, and YouTube for user-generated photos and videos tied to trending news stories and events. It then verifies that the content is coming from the person/people who posted it. As you can imagine, it offers a lot of value to news organizations and advertisers who want access to relevant, timely content. So far in 2013, amateur clips verified by Storyful have driven 750 million views, according to Storyful.
With the acquisition, News Corp now has access to Storyful’s social tools, which it will use to drive engagement and revenue across its various businesses, including The Wall Street journal, an existing Storyful client.
News Corp also says it will use its “own global scale, robust digital presence, and advertising experience” to expand Storyful’s video products and services for the unit’s other news and advertising clients.
“Storyful has become the village square for valuable video, using journalistic sensibility, integrity, and creativity to find, authenticate, and commercialise user-generated content,” said News Corp’s chief executive Robert Thomson in a statement. “Through this acquisition, we can extend the village square across borders, languages, and platforms.”
The company will operate as a standalone business unit within News Corp, with Storyful CEO Mark Little now reporting to David Brinker, SVP and global head of business & corporate development at News Corp Rahul Chopra, SVP of video at News Corp, will join the Storyful management team in the role of CRO. While Storyful will remain headquartered in Dublin, News Corp plans to hire additional business development and ad sales staff for the company in New York.