Broadcast media check-in service IntoNow acquired by Yahoo!
Only twelve weeks after launch media check-in service IntoNow has been acquired by Yahoo! for a speculated $30 million dollars. The service exists as an iPhone application that provides real-time social experiences around broadcast media programming.
IntoNow operates in similar fashion to music discovery service Shazam by “listening in” to shows or programmes currently being viewed, and cross-referencing this to a database of 2.6 million airings. The technology allows television shows to be automatically identified in as little as four seconds and shared with friends on Facebook and Twitter. The app experience is augmented by ensuing discussions with friends, and personal recommendations based on previous programme “check-in” history. The app provides engaging social experiences with friends and other users around television shows and programmes of shared interest.
According to Adam Cahan, CEO of IntoNow,
“IntoNow has built a unique way for people to engage with each other around the content they enjoy”.
The financial terms of the acquisition have not been released, although Mashable are reporting that the deal may be in the region of between $20 and $30 million, with 80% of the purchase price delivered as cash, and the remaining 20% in stock options.
Bill Shaughnessy, SVP of Product Management and Product Marketing at Yahoo!, commented on the acquisition,
“Relying on social channels as a means for discovering content – whether it’s on a PC, mobile device, or TV – is rapidly on the rise. IntoNow’s technology combines the ability to check-in to what a consumer is watching, engage in conversations, and find related content.
“The IntoNow application the team has built clearly demonstrates the opportunities the technology presents across Yahoo!’s network, especially in regards to our video content, search, mobile and Connected TV experiences. We are excited to have the IntoNow team join Yahoo! as we continue to build out these experiences.”
As of last week the app, currently only available in the US, had almost 600,000 users with 25,000 to 35,000 “check-ins” on average per day.