NEW YORK (TheStreet) -- Twitter  (TWTR) is reportedly planning a new tool called Project Lightning that will organize content based on live events like sports and breaking news.

The news was originally reported by BuzzFeed. Twitter's Project Lightning will feature a new button with a lightning bolt image that will take users to a page showcasing various live events people are tweeting about. Upon selecting an event, users will be able to view a collection of tweets, including pictures and videos posted on Twitter, Vine and Periscope. Users will be able to follow an event as well as have tweets included in their personal timelines.

Twitter, which has been struggling to boost its number of monthly active users, hopes to lure more in with its coverage of live events and by enabling the Lightning events to be accessed regardless of whether users are logged in to Twitter. The company says it had 302 million monthly active users as of March 31. By comparison, Facebook  (FB) reported 1.44 billion monthly active users as of the same date. 

According to the report, Lightning events will be able to be viewed on Twitter's mobile or Web sites, as well as in its apps and embedded on other Web sites.

Twitter reportedly plans to approach media partners in order to emphasize content around live events, according to The Wall Street Journal, which noted that the company already bid for the rights to the NFL's first streaming-only broadcast in October. It lost that bid to Yahoo!  (YHOO).

Last week, Twitter CEO Dick Costolo announced he would be stepping down from the company's helm, effective July 1. The company's first chief executive, Jack Dorsey, its co-founder and chairman, will serve as interim CEO until a permanent replacement is found.

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