Twitter is closing down its Vine video loop service, which it acquired in 2012 for $30 million dollars.
The sudden announcement shares the sad news of how one of the top 10 social media sites will be closing down – but not today:
“Since 2013, millions of people have turned to Vine to laugh at loops and see creativity unfold. Today, we are sharing the news that in the coming months we’ll be discontinuing the mobile app.
Nothing is happening to the apps, website or your Vines today. We value you, your Vines, and are going to do this the right way. You’ll be able to access and download your Vines. We’ll be keeping the website online because we think it’s important to still be able to watch all the incredible Vines that have been made. You will be notified before we make any changes to the app or website.”
In other words, there is no future for Vine, which has been operating from the web site Vine.co.
Definitely a huge blow for its millions of fans, who shared millions (billions?) of videos.
Twitter has been facing financial difficulties as of late, laying off about 300 of its employees after certain acquisition options fell through.
Vine founder, Rus Yusupov, was laid off a year ago; his recent tweet about the fate of Vine said it all:
“Don’t sell your company!”
