Yahoo Acquires Qwiki for About $50 Million to Create ‘First Real Storytelling App’

 
 
 

Yahoo has acquired Qwiki, a movie-creation iOS app, for roughly $50 million, according to TechCrunch.

The deal is a win in the ‘pivot’ department for Qwiki, which won the TechCrunch Disrupt SF 2010 competition with its original iteration as a search engine and compiler of informational videos. Qwiki pivoted to its current iOS-only app earlier this year, and will be moving a few streets down to Yahoo’s Manhattan office.

This sounds to me like a potential competitor for Vine and Video on Instagram, who are still duking it out to middling reviews. However, CEO Doug Imbruce — who studied English at Columbia University — told AllThingsD that “We don’t want to be the world’s 10th video-sharing app. There are plenty of those. We want to be the first real storytelling app.” Sooo major motion pictures? Full-service documentaries?

The demo video below shows more of a Final Cut Pro experience…let us know your thoughts in the comments.