Six-second video platform Vine is set to close, it has been announced. In a post on Medium, Vine, which was purchased by Twitter in 2012 (for a rumored $970 million) revealed that it would be “discontinuing the mobile app” in the “coming months.”
The decision to shutter Vine comes as a surprise to many casual users as well as those that depend on the platform for a living. Many businesses and brands who teamed up with Vine users (‘influencers’) to promote their products, as well as using the platform to share behind the scenes looks at what they do, have also expressed shock.
Although few were aware that Vine itself was in jeopardy, the news follows Twitter’s recent decision to cut 350 jobs (approximately 9% of its global workforce) as it struggles to become profitable and/or find a buyer. (Disney and Google were amongst interested parties but deals haven’t panned out).
As for what this means for you, as someone who uses social media to promote their business, there is both good and bad news.
On the one hand, the fact that Twitter is closing Vine, which has over 200 million users and a serious potential to make money, is concerning. This, along with those recent layoffs, do not bode well for the future of Twitter and should Twitter close down, this could seriously shake up how you promote your goods and services.
On the other hand, not everything is doom and gloom. Facebook and Instagram both host video and it’s also worth making an effort to create YouTube videos too. Each of these platforms boasts more users than Vine (and Twitter, combined) and thus more potential to find new customers and make a sale.
No, the loss of a major social platform is not going to be easy but going forward it is a clear sign that businesses – especially small businesses that are reliant on social platforms for brand exposure and sales – should not put all of their eggs in one basket.