The Social Media giant, Twitter on Thursday, announced the shutting down of Vine, its video app that it acquired 3 years ago.
Twitter has been losing money on the video application and is yet to find a buyer.
The social media site did not give any reason for this decision but it`s clear that it has been unable to keep pace with its rivals Instagram, Facebook, and Snapchat.
Also, twitter announced this morning that it will lay off 9% of its staff strength, which about 347 jobs from its global workforce.
Vine in a message on their website said,
“Nothing is happening to the apps, website or your Vines today”, but that in the coming months the app would cease to function. The video platform confirmed it would be leaving its website online so that users can continue to watch previous posts to the site, which has about 200,000,000 users.
Vine helped launch a range of new internet sensations, many of whom have now branched out into other places like Snapchat.
Furthermore, Vine says that it would release statement and timing on when the app would be completely shut down in the coming months.