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Storify attempted a monetization plan 5 months ago: http://techcrunch.com/2013/04/18/storify-business-plan/

I guess that didn't work as well as hoped.

It's tough. I think they had some scale, but not the epic massive scale needed to undergird a new ad platform.

I read Spotify and had a major WTF for half a minute.

Storify is a pretty great tool but lots of other 'pretty great tools' exist in the same space - we just started using http://vip.wordpress.com/2013/08/28/building-media-explorer/ on our sites, which is awesome and very extensible.

A social aggregation service I've had good luck with:

https://www.rebelmouse.com/

It can pull in feeds from any website, or from social APIs by linking in accounts. You can also manually post items. It creates a page with a Pinterest-like layout and drag-and-drop rearranging.

(Random thought: I didn't realize how easy it was to embed tweets. More information at https://dev.twitter.com/docs/embedded-tweets)

Great news for the Storify folks.

Does anyone know if they'll be keeping the name or re-branding it as the parent product?

The article states that it will remain a separate product.

Livefyre Acquires Storify