Apple rumored to be in talks to buy The Fancy social sharing and commerce network
Apple is reportedly interested in acquiring The Fancy, an online social sharing network similar to Pinterest, but with a strong commerce component as well. A 20-person New York startup, The Fancy allows users to share things they like, and then buy those things, with The Fancy taking 10% of the sale price, with a system in place for users to get a cut as well. Owen Tomas of Business Insider reports:
The objective: to secure a role for Apple in the growing e-commerce market, putting the 400 million-plus users with credit cards on file with Apple's iTunes Store to work shopping—with Apple getting a cut of the action.
There's no word on whether or not talks are continuing, or if the deal is at all likely to go through, but BI does say Apple CEO, Tim Cook and The Fancy CEO, Joe Einhorn recently spent time together at the Allen & Co. Sun Valley conference. Cook also has a The Fancy account, where he's shared a few items, an unusually public move for Cook.
Before anyone gets too excited, however, Apple was also recently reported to have been interested in buying into Twitter, a interest that turned out to be over a year old, and no longer in active discussion.
Meanwhile, Twitter integration was added to the iPhone, iPod touch, and iPad with IOS 5, and Facebook integration is coming this fall with iOS 6. And either way, it seems Apple's interest in creating their own social networks waned with the ill-fated Ping.
Anyone fancy a little more social commerce sharing and buying on iOS?
Source: Business Insider
Have something to say about this story? Share your comments below! Need help with something else? Submit your question!