Twitter Inc to Shutter Vine (TWTR)
It's the end of Vine's world as we know it. The short-form video sharing service, founded in June 2012 and acquired by Twitter Inc (ticker: TWTR) that October, announced it would be shuttering its service within the next few months. This includes its mobile app.
But what about all those videos you love? Don't worry, your Vines are still available to see and download, the company said in a statement. It clarified everyone will be told when the company alters the app or website. More details are still forthcoming.
Twitter's stock is down about 24 percent on the year, though was up 2 percent on this latest news Thursday. Twitter also announced this week it would be shedding 9 percent of its global workforce. The company bested analysts' earnings expectations, with stock rising more than 4 percent following market open, reports CNBC.
Twitter's struggles -- between user harassment issues, executive turmoil and defining what it is -- have not gone unnoticed. But this latest Vine news has particularly drawn attention on the platform -- including from Rus Yusupov, a founder of Vine itself, Richard Moynihan of The Telegraph pointed out.
Don't sell your company!
-- Rus (@rus)
Twitter shutting Vine down is great, great news for Instagram/Facebook. Entire community will shift to IG now.
-- Nur C (@CP_CSR)
Ironic how I see the same joke about Vine shutting down over and over again. It's like a loop.
-- Simon (@lmaosimon)
It's a shame -- Twitter really had something with Vine I think, but it never really managed to take advantage of it properly
-- Mathew Ingram (@mathewi)
OH THANK GOD MY FUTURE GRANDCHILDREN WON'T KNOW WHAT A "VINE STAR" IS
-- Aaron Fullerton (@AaronFullerton)
For those unfamiliar, here are some Vines that users grew to love.
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David Oliver is Associate Editor, Social Media at U.S. News & World Report. Follow him on Twitter, connect with him on LinkedIn, or send him an email at doliver@usnews.com.
