Yahoo's latest purchase is New York-based start up Qwiki for a reported $40-50m

Yahoo has made another acquisition with its purchase of Qwiki – the start-up company behind an iPhone app allowing users to turn photos, music and videos into short movies.

When it first launched, Qwiki focused on generating short informational videos on popular search terms, winning TechCrunch Disrupt SF 2010.

Yahoo has not disclosed the price it paid for Qwiki, but a report from AllThingsD say it was acquired for somewhere between $40m and $50m. To date, the company has raised $10.5m.

It’s the latest in a series of recent purchases from Yahoo, including Tumblr and Bignoggins productions.

Here's a demo video for Qwiki's iPhone app: