Twitter is shaking things up in their business and has decided to get do away with one of the world's most popular video apps: Vine.
In recent weeks, several companies have contemplated the idea of acquiring Twitter but then rejected the opportunity. Because the company has not been bought out, Twitter is looking to take a different approach to the next year and produce an annual profit for the first time in their history.
The team at Twitter shared this note about the discontinuation of Vine on Thursday morning:
"Since 2013, millions of people have turned to Vine to laugh at loops and see creativity unfold. Today, we are sharing the news that in the coming months we'll be discontinuing the mobile app.
Nothing is happening to the apps, website or your Vines today. We value you, your Vines, and are going to do this the right way. You'll be able to access and download your Vines. We'll be keeping the website online because we think it's important to still be able to watch all the incredible Vines that have been made. You will be notified before we make any changes to the app or website.
Thank you. Thank you. To all the creators out there — thank you for taking a chance on this app back in the day. 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.
What's next? We'll be working closely with creators to make sure your questions are answered and will work hard to do this the right way. We'll be sharing more details on this blog and our Twitter account, and will notify you through the app when we start to change things.
- Team Vine & Twitter"
Not only is Twitter getting rid of Vine, but also the company plans on laying off a significant portion of their 3.910-person workface, according to the Los Angeles Times.
During a call with financial analysts, Twitter Chief Financial Officer Anthony Noto said, "Once a company gets to our scale of growth, it's important to drive towards margins and profitability." He continued by saying, "It's an important milestone to reach for investor appeal."
Since returning a year ago back to the company that he co-founded, Twitter Chief Executive Jack Dorsey has explained the company's new direction.
"We're focused on building the largest, most comprehensive news network on the planet," Dorsey said. He said it is "building small changes that will compound in more usage, and it's working."
What are your thoughts about Twitter discontinuing the mobile app Vine?