News Corp has acquired Storyful, the world’s first social media news agency, for $US25 million.
The Dublin-based news agency sources and verifies user generated content, and provides it to subscribers around the world, a list which includes Australia’s ABC and News Corp’s Wall Street Journal.
“In a world overflowing with digital dross, Storyful surfaces and authenticates news and video amongst the cacophony, using cutting edge technology and traditional journalistic expertise,” News Corp CEO Robert Thomson said.
“We’ve entered an era in which user-generated content must be verified if it’s to be trusted, and that’s precisely what Storyful does best – and why we welcome them as part of the News Corp family of businesses.”
Click here to see an example of Storyful’s content gathering and the processes it goes through to verify breaking news
As well as providing user-generated content, Storyful also provides social media dashboards, analytics, and other tools to help news organisations improve their news and advertising efforts in the digital world.
Storyful founder and CEO Mark Little said the partnership will be beneficial for both organisations, and further expand the power of journalism in the new age.
“We join News Corp at a moment of transformation,” Mr Little said.
“Together, we will combine the authority of premier original content with the authenticity of user-generated content.
“We will define the opportunities that the digital landscape presents rather than simply adapt to them.
“Ours will be a powerful and unique partnership.”