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Twitter Acquires Periscope, App for Instant Live Streaming

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Suddenly, there's a live video race on Twitter. Just as many were learning what Meerkat is—an app for streaming live video to Twitter followers that exploded in popularity last week—Business Insider reports that Twitter has already purchased competing app Periscope. While Periscope is so new that it's still in closed beta, Vine was also in beta when Twitter acquired it. The purchase price is unknown, but Business Insider's sources suggest it was between $50 million and $100 million—although they didn't suggest how much is in stock and how much in cash. The developers had reportedly raised only a few million in venture funding.

The news is inline with Twitter's recent interest in adding video. The social networking platform got serious about video ads in late 2014, and added 30-second video recording earlier this year. The speculation now is whether or not all of these video outlets can survive. Will Periscope kill Meerkat? Will Twitter video kill Vine? And what effect will this have on the existing live streaming networks?

While the developers haven't announced yet when Periscope will be available in the App Store, one thing is certain: It will find plenty of curious takers when it finally arrives.

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