Everything that is great about social media–all cat videos and hilarious memes aside–revolves around the ability to share completely unfiltered information to the entire internet at the click of a button. While ridiculous relationship statuses and Twitter hashtags tend to rule our day to day social activity, no one can argue with the power social media had to push forward the Arab Spring or the news that JK Rowling was, in fact, actually the true identity of Robert Gilbraith.
One of the key sources that makes newsrooms around the world stay up to date on the actual news is social media newsroom Storyful, which works to bring the most relevant social media content to journalists while protecting the interests of the rights holders of that viral-worthy content. Today, Storyful and NewsCorp announced the purchase of the site for $25 million.
“Storyful has become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialize user-generated content,” News Corp CEO Robert Thomson said in a statement.
“We see significant value, especially on the video end, to marry your own video with viral video that is out there,” continued Raju Narisetti, senior vice president of strategy at News Corp.
While personnel changes among Storyful’s top tier are not expected to be drastic any time soon, one major change under the new deal will be extending the power of Storyful’s social media content garnering to advertisers, helping them leverage genuine social traffic around their brands.