Twitter has acquired the streaming video app Periscope, says report

By | March 10, 2015
Twitter acquired periscope

Twitter has recently acquired the start-up Periscope, according to the sources close to the matter.

Periscope is a startup that enables people stream live video from their mobile phones and it initiates a push on Twitter’s part to enable a live-streaming function on its service. Periscope is still in private beta and hasn’t announced a product, but reportedly is working on an app similar to Meerkat, the live-streaming app that has recently captured attention of tech journalist and other tech types on Twitter.

Twitter acquired periscope

There is no word about the details of the deal and no word from Twitter about the acquisition. But the leaked reports say the deal was finalized long back and as of now, the deal is completely closed.

The information comes from Business Insider, which says it acquired the information from a source who is familiar with the proceedings. The acquisition of Periscope was itself confirmed and one source states that the amount paid for the start-up was ‘sizable’ to the tune of between $75 and $100 million. another source contradicted that, saying the figure was much smaller but did not provide sums, meaning this might be an issue of perspective. Regardless of the figures, this could point to another service Twitter users will be gaining at some point.

Twitter has been trying to do a lot with video of late, in January giving consumers the ability to record and upload clips of up to 30-second video from the mobile app. But Twitter video and its six-second Vine app don’t provide the immediacy of live streaming, which given the viral rise of Meerkat seems like a missing piece of the Twitter ecosystem. Periscope has not yet launched to the public and so how Twitter will go about doing that is moreover yet to be seen.