Twitter has decided to shutter its 6-second long loop video product Vine “in the coming months.” The company says that it won’t delete Vine apps, website or Vine content which users can download and also does not cite specific reasons for the shutdown.
The microblogging platform acquired Vine 4 years ago for a reported $30 million. According to a Verge report, the co-founders quit and Twitter “was slow” to invest in the product. One of Vine’s co-founders even put out a “Don’t sell your company” tweet yesterday:
Don’t sell your company!
— Rus (@rus) October 27, 2016
In May, Digiday reported that Vine’s “top influencers” had left the platform for more lucrative options such as YouTube, Snapchat, Instagram and Facebook. In fact, Instagram recently launched a short video series called Stories to take on Snapchat – which only teens can figure out apparently (okay, fine, millennials who are just children).
Vine was being given new features
In fact, earlier this month, Twitter added sound to Vine iOS app. This June, it updated the product to feature longer videos on the site. It tried to make Vine more popular by adding a new discovery feature which would users explore songs in the new featured tracks section in September last year. In June 2015, Twitter introduced autoplay video feature for native videos, GIFs and Vines on its iOS app.
Twitter and media: good idea?
Twitter’s foray into the “media” segment didn’t end with Vine. Last month, the company tied up with Ping Networks to stream live video interviews in India. Twitter also partnered with Rolling Stone India to curate live music gigs on the platform. In June, Twitter reportedly invested $70 million in SoundCloud, the online audio and music sharing and discovery service. During its quarter ended June concall, Twitter said that live premium content would be one of its primary focus areas going forward. But Twitter also failed at creating a radio station based on what songs were trending and shut down its #Music app in April 2014.
As of June 2016, Twitter had over 313 million monthly active users, a fraction of Facebook’s 1.7 billion MAUs. Interestingly, in the first half of 2016, Vine received 6,858 takedown notices (including trademark notices, DMCA takedown requests, and email privacy practices) of which 72% were complied with.