The decision to shutter Vine comes as Twitter is in a state of flux after weeks of rumors about a possible sale. On Thursday, the company also announced a restructuring that will cut 9 percent of its workforce. It's unclear whether members of the Vine team will be included in the layoffs.
Twitter bought Vine in 2012 before the launch of its namesake app. After the service went live in early 2013, it became a popular way to share sports highlights and fast-paced comedy skits.
But Vine faced stiff competition in the social video market from rivals Instagram and Snapchat. Many popular users such as Brittany Furlan and Logan Paul who first found fame on Vine have deserted the service for other platforms.