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What happened to Vine? 🤳🏼
In this episode of Startup Forensics, we’re going to throwback to Vine and dig into some key aspects of its rise and fall, including Twitter’s acquisition of the company, along with some product, and competition analysis.
Just in case someone doesn’t know, Vine was a video sharing app for six-second looped videos, that looked like the next big thing back in 2013. Its particular format allowed for a very unique way of serving video content and chances are you have seen at least a few memes, gifs or funny videos that came from Vine.
Very soon, it was evident that this video mechanics were driving creators in a particular direction, more about having fun and being creative within the constraints, and not so much about journal entries. It became something wilder than what they originally had in mind, according to Hofman.
Still being just a team of three founders with a product in Beta, Vine caught the attention of Jack Dorsey, Twitter’s co-founder, and CEO. There may have been some pressure in the air since just a few months earlier, Facebook had acquired that goldmine called Instagram.
So, in October 2012, Twitter acquired Vine for reportedly $30M, before the app had officially launched. On paper, the move made sense for Twitter, mainly because they didn’t have any video feature by that time but also there could’ve been a special bond between the 140 characters and the 6-second limitations.
Vine was officially launched in January 2013 on the Appstore and later on Android. Only six months after, it already counted 13M regular users.
Very suddenly, some viners started stacking followers and views by the millions, creating a new breed of social media celebrities. That success was merely due to the charm of the content being produced and there were no successful efforts from Vine to monetize the app. Despite this, the community and the love for Vine’s concept were growing rapidly, some went really far into the production and elaboration of their six-seconds of fame.
But there was a leadership problem in Vine’s management at the time, reported by various former employees to different sources.
#startups #vine
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1:39 - Case details
4:17 - Vine's downfall
7:39 - Case conclusions
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25 июл 2024
