Twitter has decided to discontinue Vine, the quirky mobile app that allowed people to share short, 6 second loops of video. You can get the general details from this thread on WebmasterWorld. I've heard, through the rumor mill, that part of the reason Twitter is cutting Vine is to increase their value ahead of a supposed acquisition. It's not just Vine that they're cutting, either: In Q3, Twitter cut 9% of its staff. Apparently the tactic is working, because they also beat earnings expectations for Q3.
I guess this is where dreams meet pavement - the harsh reality is that Twitter and its properties never figured out how to properly monetize themselves. So Vine, a model which Twitter seems to have put shamefully little effort into monetizing, is just one of the things to go. As Vine's original founder Tweeted following the announcement, "Dont sell your company!"
If you hit Twitter today, you'll probably find a bunch of users sharing their favorite Vines before they're gone for good.