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TOO SOON

Vine is dead

By Dave Gershgorn

It looks like Vine’s six seconds are up.

In a Medium post today (Oct. 27), the video-sharing app owned by Twitter announced it is shutting down its mobile app. Vine will continue to have a website, though, so you can watch all the old vines of yore.

Twitter doesn’t break out quarterly stats on Vine, but the app wasn’t profitable up to at least the fourth quarter of 2015, according to a letter to shareholders. Vine was acquired in 2012, before the company even launched. It was seen as a Band-Aid for Twitter’s lack of video, something that was seen as largely important, but relatively untapped at the time.

So what went wrong? It could be that Twitter needs to shed investments that aren’t making money. Earlier today, the company disclosed third-quarter earnings that beat estimates, but Twitter remains on shaky financial ground. A very public attempt to attract takeover bids yielded interest but no sale agreement, and this week the company announced an 8% cut of its workforce.

Vine writes that more details will come, and users will be notified through the app when changes start to take place.