As part of company restructuring and cost cutting Twitter closes the Vine service. This is an application that allows you to record and publish short videos of 6 seconds. Portal took over a few years ago for $ 30 million.
The Twitter executive this week has announced a number of changes that will help reduce the cost of the portal and maybe the company will finally start to make some money. The first stage of the change is staffing, specifically the plan to release 350 people. According to calculations, it can bring annual savings of up to $ 20 million.
Twitter also gets rid of unprofitable endeavors, including Vine. This is an application that allows users to record short, only 6 seconds of video, which the portal purchased a few years ago for $ 30 million. Initially Vine quickly gained popularity among independent artists. However, after some time most of them moved to the more popular Instagram, which offered longer films. Vine has so little interest, so Twitter decided to get rid of it.