Twitter is currently entertaining multiple purchase offers from potential Vine buyers, meaning the once very popular shortform video-sharing service could live on assuming Twitter manages to sell it, according to a new report from TechCrunch. As you know, Twitter last month announced plans to phase out the video-looping social networking app. After acquiring the startup behind the Vine app, Twitter released Vine on the App Store in January 2013.
Multiple sources told TechCrunch that Twitter is currently “vetting multiple term sheets” from companies offering to buy Vine. The company hopes to make a deal “soon”.
“One source says that at least some of the offers are for less than $10 million, indicating Twitter might not generate significant revenue directly from selling Vine,” reads the post.
Interestingly, Twitter is said to have received “a large number of bids”, including several from Asia, following its public announcement that it would be shutting down Vine.
“It’s now working to decide who should run the short-form video app,” reads the article.
One of the bidders is the Japanese messaging and gaming company LINE. In an update to the article, TechCrunch mentions that Twitter has narrowed the pool from more than ten bidders to around five.
Vine’s FAQ clarifies some of Twitter’s original announcement, but sheds no light whatsoever on its future. Even if Vine goes offline, Twitter will keep the archive of playable Vines and permit users to download their content.
The New York Times pegged the monthly cost of running Vine at $10 million, which covers the infrastructure and employees, or a whopping $120 million per yer.
Would you prefer to have Vine survive or should Twitter just shut it down for good?