Everyone’s constantly on the lookout for the ‘next big thing’ in social media, and Twitter’s CEO Dick Costolo believes the micro-blogging site has found it in the form of social video sharing. When Twitter bought mobile social video sharing app, Vine, in 2012, Costolo explained the move saying: “When Facebook bought Instagram, I said we’re not going to do what those other guys did. We’re looking for the next thing. We all agreed that this is the next thing down the road.”
Just three weeks after its release it started grabbing headlines as over 113 000 videos were shared in a single weekend (at a rate of 2 324 videos every hour). Six months down the line, Vine was crowned the number one most downloaded application on iOS. Of course Facebook and Instagram were not to be outdone. Instagram, which has over 130 million active users, now also offers built-in video sharing capabilities and its early usage stats are through the roof.
Source: Desiree Gullen, Gullen & Gullen
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