Twitter might not be giving up on Vine after all since a new report is claiming that the company is now looking for a potential buyers for the short-form video app. Last month, Twitter announced that it would be shutting down Vine in the coming months, prompting bids from several companies.
Multiple sources claim that Twitter is now examining several offers from companies that are interested in buying Vine. One of the rumored companies is believed to be LINE, a Japanese messaging company. Twitter has apparently narrowed down potential buyers from more than 10 down to about five, according to TechCrunch.
An anonymous source claims that some of the offers are for less than $10 million, which may be troubling for Twitter especially if it wants to gain a significant revenue from the sale. After all, Twitter isn’t doing so well when compared to other social media platforms like Facebook, Instagram and Snapchat.
Twitter’s number of users has remained stagnant with its market shares dropping by 10 percent. Just last week, it announced it would be cutting of 9 percent of its global workforce. With the shutdown of Vine, Twitter will also be cutting around 350 jobs, according to The Belfast Telegraph.
If Twitter does finally decide to sell off Vine, even for less than $10 million, it could still benefit from the sale. It would be able to retain Vine’s integration within Twitter strengthening the service’s video offering, as pointed out by Engadget. This will be able to keep users engagement up, while also potentially luring in new users and sponsored content. In retrospect, Twitter bought Vine back in 2012 for around $30 million, according to Engadget.
Twitter announced the shutdown of Vine back in Oct. 27, but it would archive all of the app’s videos allowing users to keep watching content. Twitter has remained silent on the future of the app and on any of the rumored companies interested in acquiring Vine.