AOL Buys Video Service 5Min

AOL has purchased online video service 5min in order enhance video offerings across its platforms.

Without disclosing the financial details of the deal, AOL announced that 5min's expansive platform will significantly boost AOL's current online video offerings to cater to a wider Web audience and drive advertising revenue.

5min is a popular eHow-like instructional video platform that has a massive library of 200,000 videos related to fashion, technology, fitness and lifestyle.

AOL CEO Tim Armstrong said in a statement: “5min Media is the perfect complement to our powerful video capabilities.”

“It provides a missing piece in the AOL value chain that completes our end-to-end video offering from content creation through syndication and distribution to the consumer experience,” he said.

According to AOL, the acquisition will allow it to tap into the growing online video market, aiding it into building a "video ecosystem for the next decade".

The 5min acquisition follows AOL's decision to purchase influential technology blog TechCrunch for around $30 million.