Yahoo has announced a major expansion in the video content sector, acquiring online video platform provider Maven Networks for US$160 million (A$177 million).
The company said the acquisition gives Yahoo the opportunity to expand both its consumer video services and its video advertising offerings.
“Video is projected to be the fastest growing segment of the online ad market, and Maven will significantly help advance Yahoo!'s strategy, expanding the video opportunity for publishers and increasing the efficiency and effectiveness for advertisers,” said Yahoo Global Partner Solutions executive vice-president Hilary Schneider.
The acquisition better positions Yahoo to take advantage of the growing market for online news and entertainment, and to offer advertising in video bundles. Research group eMarketer estimates the advertising spend on internet video will triple over the next three years to US$4.3 billion.
Yahoo says it already has the largest library of professionally produced legally licensed video content and has video advertising relationships with over 75 per cent of the top TV advertisers. It also has advertising relationships with a growing number of premium publishers including eBay, Comcast, Forbes.com and others.
The Maven platform is currently used to manage, distribute and monetise premium online video content for over 30 major media companies, including Fox News, Sony BMG and CBS Sports.
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