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The Myspace Effect: We’re Losing ANOTHER Social Media

Twitter has today confirmed that it would close the video-sharing app Vine.

The company is looking to cut nine per-cent of its workforce worldwide to keep costs down.

The decision hs come after it failed to sell its whole business following poor user growth and its poor usage as other social media platforms ramp up the competition.

In a statement released jointly by Twitter and Vine, the social media service said the Vine website would stay live even after the mobile app is discontinued, giving users the chance to download and save any videos.

A spokesman could not confirm the date on which Vine will close but said it would be ‘soon’.

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