The video app Vine will be discontinued in the coming months. The Vine and Twitter executives announced this on Thursday in a Opinion - with no explanation as to why the Loop app is being discontinued.
Vine was founded in 2012 and acquired by Twitter in 2013. The service enables the exchange of short, six-second video sequences. These are displayed in gif-like in endless loop.
Twitter has been struggling with financial difficulties for some time. The service incurs high costs and does not generate the desired advertising revenue. Growing competition from rivals such as Snapchat and Instagram caused Twitter to post its lowest revenue growth since its IPO in 2013 in the second quarter of 2016. A buyer is being sought for the short message service.
Even before the Vine end was announced, Twitter announced significant job cuts that will affect nine percent of its global workforce of about 4,000 people. (hae)