Yahoo! Said To Be Planning Bold New Messenger

(RTTNews) - Yahoo! Inc. (YHOO) is preparing to launch a new messaging app that will combine live and recorded videos as well as text messaging, according to according to a report in The Information.

The new mobile app will be the search giant's first major consumer product under CEO Marissa Mayer and also its first new consumer product in almost three years.

The mobile app will reportedly combine text messaging, elements of live video apps like Meerkat, Skype and YouNow, as well as recorded video messages like Snapchat. However, the exact format of the app is still not clear.

The new app, to be reportedly launched later in the current quarter, is likely to face a stringent review as it would be Yahoo!'s first major product in 32 months.

Under pressure from shareholders, Yahoo! has embarked on a plan to buy back shares, monetize assets and cut costs in order to enhance shareholder value. Yahoo! has gone through some refurbishing under the leadership of Mayer and introduced a suite of web, mobile, and video ad products.

However, the company needs to come out with new products to regain popularity and also to compete better with rivals like Google Inc. (GOOG, GOOGL) and Facebook Inc. (FB).