Twitter had previously announced plans to shut down Vine, their short video sharing service, but now it appears they may be looking at multiple offers for the service.
TechCrunch reports Twitter has received a large number of bids, including several from Asia. It’s now looking closely at all of the offers, to decide who should run the short-form video app.
One source says that at least some of the offers are for under $10 million, indicating Twitter might not generate significant revenue directly from selling Vine.
However, Vine could still benefit Twitter even if it’s owned by someone who would help it thrive and retain the strong integration between the two apps. Vine content plays instantly in the Twitter stream, bolstering its current parent company’s quest to serve more video that could attract user engagement.
Vine debuted in 2013, and offers users the ability to capture six-seconds long loops of video, which can then be shared on social networks. While the service has proven popular over the last few years, it faces increasing competition from other video services, including Snapchat and Instagram. That, along with a high cost of operation for the service, has led Twitter to announce the shutdown of the service.
Vine’s current precarious position comes in the wake of belt tightening at parent company Twitter. The company laid off 350 employees, (around 9% of its staff), back in October. The company continues to look for ways to cut costs.
If Twitter fails to sell the service, it will be shutdown sometime in the coming months. Twitter has assured users the Vine website will stay online, offering users the chance to view and download their content. However, no new content will be allowed.