Vine logo. Image: IB Photography/Shutterstock
Twitter wants to ditch its clip-looping service Vine in October and the company is not struggling to find a number of potential buyers, but some of the bids are proving to be quite low.
When Twitter announced the closure of Vine at its latest quarterly earnings report, it certainly came as a surprise, not only to investors, but to the people who have made a career on the app over the past few years.
While the social media company had not revealed at that time when Vine would close, it was expected that it would gradually wind down over the coming months.
Yet new revelations from within Twitter have revealed that while the company itself itself saw no future in Vine, a number of other businesses are eager to snap up the service bought by Twitter only three years ago.
According to TechCrunch, a number of sources close to the company have said that following its announcement, it received a substantial number of bids for the service, particularly from a number of firms in Asia.
In total, it is believed that 10 companies had approached Twitter to purchase Vine, but in determining who would be the best suitor for it, the former has now whittled down the shortlist to five.
What will a buyer do with Vine?
It appears however that the financials of the deal won’t work out particularly well for Twitter, with one of the sources revealing that a few of the offers have been around the $10m mark.
If this is true, then it could potentially only recoup a third of what Twitter paid for it back in 2013.
Yet even if Twitter sells Vine at a loss, the company hopes it could at least keep the estimated millions of global users using the popular video app – under control from a new company – within its own Twitter stream.
However, in a worst case scenario, a potential Vine buyer could continue on a completely separate path to Twitter and delete all previous content linked on the social network, resulting in a legacy nightmare of broken links.
So far, Twitter has not commented officially on any potential deal.
Vine logo. Image: IB Photography/Shutterstock
