Date
24 November 2017
Twitter is seeking to ramp up its ability to offer live video streaming with its acquisition of Periscope. Photo: CNBC
Twitter is seeking to ramp up its ability to offer live video streaming with its acquisition of Periscope. Photo: CNBC

Twitter snaps up video streaming app still in development

Twitter Inc. has bought Periscope which has been developing a live video streaming app.

It paid slightly less than US$100 million in cash and stock, making Periscope one of its biggest acquisitions, the Wall Street Journal reported Tuesday.

The deal closed about a month ago and since then, a rival app which allows Twitter users to display live video from their phones on Twitter has taken off.

Meerkat attracted 60,000 users in the eight days since it launched, according to founder Ben Rubin.

Meanwhile, Periscope has yet to be rolled out to the wider public.

It started beta-testing the app among select users roughly four months ago among Twitter executives, including co-founder and chairman Jack Dorsey, the report said.

The acquisition reflects Twitter’s move to bolster its video capabilities.

In the past year, it has started testing video ads and launched the ability for users to upload and edit their own videos.

Also, the company is building out Vine, the six-second, video looping service it acquired in 2012.

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