Do your own research or have a look at the following article with examples of failed businesses. Failed Businesses (Links to an external site.)
Vine was an American popular social networking platform, which was founded by a group of young
entrepreneurs in 2012. The app allowed its users to share six-second-long looping videos on social
media, where they express their creativity by creating a hilarious, silly, and artistic content, promote
various brands, make various challenges for other users, and aim for creating “trendy” videos and gain
profit from it. Not even months after it was launched, the company was acquired by the microblogging
social platform Twitter for $30, and by the end of the year, attracted millions of users and boasted
with a massive user base.
However, Vine’s fame only lasted for four years, when in 2016 Twitter discontinued the mobile app.
Since then, the platform was not the same and underwent some changes in order to tackle short-term
issues. Vine continued to exist for a couple more months, however since the beginning of 2017 it
started losing popularity and eventually stopped operating.
There are many reasons behind why this famous app lost popularity in such a short period of time.
The first, and most important reason, is that it failed to meet the ever-growing market demands, which
also debilitated its ability to compete with apps that started introducing their own equivalents to
Vine’s short-form video approach. The company, in the first place, had a major focus on staying true
to itself and its initial concept of only six seconds’ video.
However, the users were demanding this
period to be extended in order for them to be more creative and have larger content for their videos.
Many other apps were fast to adapt to the new requirements, but Vine did not adjust to the needs of
Second reason would be the fact that Instagram, another huge social media platform, introduced their
own take on the short video angle, and gave its users the chance to create content for fifteen seconds.
This was a huge hit on the six second length that Vine offered. A former executive of the company
stated that Instagram videos were the beginning of the end of Vine.
Last but not least, Vine failed to perform a sustainable business model, and focused only on shortterm performance and development of the app. What is more, Vine did not offer a shared revenue to
its content creators, unlike YouTube, and the famous Vine creators began focusing more on their
content in other social network platforms
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