NEW YORK ( TheStreet) -- Facebook (FB - Get Report) and Instagram announcing video on Instagram had "The Death of Vine" trending on Twitter Thursday. To coin a phrase, reports of its death, are greatly exaggerated.
Vine, one of the top five apps on Apple's (AAPL - Get Report) App Store, has 13 million users, and is growing at a frenetic pace. Though the company has not broken out statistics, several analytics firms have shown that usage is increasing at an exceptionally fast rate. Vine users are now producing at least 1 million video clips per day, research firm Simply Measured noted. That's faster than Instagram reached that level, and with brands, celebrities, and individual users and businesses, increasingly migrating towards the platform, that number is only expected to increase.
Vine was purchased for just $30 million by Twitter, a relatively paltry sum, compared to the cost of Instagram.I've used Vine quite a few times, and can see the utility in it for businesses. It gives users an inside access to the companies they deal with frequently, and it allows brands to get creative with their advertisements, since they only have 6 seconds to play with. By contrast, Video on Instagram allows its users to post 15 second clips. In the Instagram tradition, the videos can also have filters over them, with Instagram announcing 13 new filters for video. With users attention spans getting shorter and shorter, people will increasingly turn to shorter forms of entertainment. At 6 seconds, Vine's length is perfect for being able to capture the story, and show users what they want and need to see. Instagram fired a huge shot at Vine with its announcement yesterday, make no bones about that. But as the video advertising market continues to grow, with industry analysis suggesting it's growing at a 25% annual clip, Vine will no doubt be a major player for years to come. Six seconds at a time. -- Written by Chris Ciaccia in New York >Contact by Email. Follow @Chris_Ciaccia