You know how some ideas sound really good conceptually but end up not panning out in reality? Color was such an idea. The iPhone app received a ton of hype originally with its $41 million in venture capital funding. The premise was to create a location-based, crowd-sourced photo stream from people’s smartphone cameras that was shared publicly for everyone to see. After that idea failed, Color tried to reinvent itself into a photo sharing service by partnering with Facebook. Now the app is positioned as an internet broadcasting tool.
With recent rumors that Color Labs was considering closing its doors, a surprising report today claims that Apple is in the process of acquiring the startup.