Twitter, which announced to sell Vine, is getting closer to seal the deal says a report in TechCrunch. According to a website, Twitter has narrowed down the list of interested buyers to 5. The site quoted sources who said, “At least some of the offers are for less than $10 million, indicating Twitter might not generate significant revenue directly from selling Vine.” TechCunch did not disclose the name of the interested companies. Vine was launched in 2013 and allows users to post short video clips which play in loop. But the popularity of the service dipped significantly, thanks to rivals Facebook, Snapchat and Instagram.
Twitter, which is struggling to find a buyer for itself, cut about 9 per cent of its employees worldwide. However, TechCrunch notes Vine could still benefit Twitter if it is bought by someone who will help it thrive. According to an earlier report, Salesforce.com Inc is in the running for potential buyer for Twitter. Google parent Alphabet Inc, and Walt Disney Co have also been contemplating bids, the report added.
Twitter, which has 313 million average monthly active users, has been competing to generate revenue growth and profit. A Reuters report says it has failed to keep pace with rivals, notably Facebook Inc’s Instagram and Snapchat. Both now boast more users than Twitter by most measures, even though they are much newer, and advertisers have begun to migrate their ad dollars accordingly.