Twitter is shutting off its social media video-sharing app and platform Vine as one of the attempts to reduce its staff and expenses. The social network stated that the Vine mobile app would be discontinued “in the coming months”.
Twitter said in a blog post on Thursday, October 27:
“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.”
With 100 million people watching videos every month and 1.5B daily video loops, the app launched video on Twitter. Sporting occasions, where goals, celebrations and highlights were shared in short looping clips through Vine, brought the app to a mainstream audience.
But user numbers have stalled in recent years in their 10s of millions, while Twitter has integrated video sharing directly into its main mobile apps and experience. At the same time, Twitter was also attempting to experiment with Periscope’s live videos.
Vine founder Rus Yusupov reacted to the news, appearing to express regret at having sold the company to Twitter:
Don’t sell your company!
— Rus (@rus) October 27, 2016
In June this year, Vine sought users to beta test a longer video feature, but it is clear that Twitter is no longer interested in supporting separate apps, only its core mobile apps and social network. The company recently made Periscope videos viewable directly within the main Twitter app.
Earlier on 27 October, Twitter announced hundreds of layoffs. The company’s quarterly results report revealed its revenue was a better-than-expected $616m and its earnings per share were ahead of analyst estimates, $0.13 to $0.09.
The company’s most important metric, its number of monthly active users, was also up: to 317 million from 313 million the previous quarter. Of those users, 83% were on mobile devices.
Twitter stock, down by more than 25% this year, rose slightly in pre-market trading.