Twitter on Thursday, announced the shutting down of Vine, its video app that it acquired three years ago.
The social media site has been losing money on the video app and is yet to find a buyer.
Twitter did not give any reason for this decision but it`s clear that it has been unable to keep pace with its rivals, Facebook, Snapchat, and Instagram.
Also, twitter announced this morning that it will lay off nine percent 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 million 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 share more information and timing on when the app would be completely shut down in the coming months.
