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Yahoo has announced the acquisition of Bix.com, a site which allows users to compete in online karaoke contests, and rate each other’s videos and photos.
Incredibly, Bix.com only launched in August, though in those three months it has acquired over 1 million users. The site allows companies to sponsor and give out prizes in its contests and competitions.
It is also another indication of Yahoo’s acquisition strategy, having previously bought other social media sites, including photo-sharing site flickr, bookmarking site del.icio.us and video-editing site Jumpcut.
The search engine company has previously been rumoured to be looking at Facebook.
Bix was headed by Mike Speiser, who previously co-founded dot-com era start-up Epinions.com. The company raised a whopping $6.77 million in funding from Sutter Hill Ventures, Trinity Ventures and Stanford before its launch.
Mike Speiser explained the deal on Bix.com:
“This transaction will bring to the Bix community the Web's largest audience. It means that every performer on Bix will be performing on essentially the world's largest stage with a potential audience in the hundreds of millions.”
“With Bix's platform focused on talent-based competitions combined with Yahoo's global audience and leadership in social media, as well as its sales and marketing muscle, we will take Bix to the next level.”
Financial details of the deal were not dislosed, but this acquisition represents an amazing turnaround time for a site which launched just three months ago.
Interesting too that Yahoo is continuing to buy social media sites, built around communities and user-generated content.
Should Web 2.0 startups seek venture capital?