Twitter is killing off Vine as financial struggles continue

Twitter is shutting down Vine

This morning, Twitter announced that they’re killing off their six-second looping video platform, Vine.

In their announcement post on Medium, the company didn’t specify as to why they’re shutting down the platform, but we can only assume it’s due to ongoing financial struggles. In their Q3 earnings report, also released this morning, Twitter revealed that they’ll be laying off 9% of their workforce – roughly 350 people.

Twitter acquired Vine back in 2012 for $30 million. Vine’s co-founder, Rus Yusupov, isn’t too happy with Twitter’s decision.

Vine’s shutdown won’t happen immediately, though. For nostalgia’s sake, users will be able to download their Vines, and their website will continue to exist for users to re-watch their favorite loops.

The platform had a quick rise, with many creators finding themselves massive audiences almost overnight. It didn’t take long for creators to realize that without built-in monetization options, however, they needed to take their audience elsewhere, with many migrating to the tried-and-true YouTube.

Vine was the breeding ground for some of today’s top influencers, both in new media and in the mainstream. Home-grown talent have gone on to do things like sell out Madison Square Garden, star in movies, and appear on reality TV shows.

“To all the creators out there — thank you for taking a chance on this app back in the day,” wrote Vine’s team in their announcement. “To the many team members over the years who made this what it was — thank you for your contributions. And of course, thank you to all of those who came to watch and laugh every day.”