Vine, the six-second video looping platform which launched a new class of Internet stars and memorable flash-in-the-pan memes like that chorus of groaning ducks, is dead. For years, tech pundits have been declaring it either almost dead or poised for domination. But Twitter owns Vine and they aren’t any better, as far as the market is concerned.
Twitter itself is in turmoil and is struggling to find profit amidst reports of internal struggles over whether to sell the company. Regardless of what eventually happens, it looks like time to bid goodbye to Vine, at least for now, and move on to another service.
Twitter Inc. on today said it would slash 9% of its workforce and redirect its focus from driving growth to delivering profits, an about-face following the retreat of several potential acquirer including Salesforce.com Inc.
The cost-cutting moves, which include shutting down its Vine video app, come as Twitter reported dwindling revenue growth for the third quarter and another loss over $100 million. Revenue rose just 8.2%, compared with over 50% growth in the year-ago quarter.