Twitter has made a key acquisition as it tries to build out its partnerships with brands and organizations that will ultimately help it generate some much-needed revenue.
Twitter on Thursday announced that it has acquired real-time video-sharing service SnappyTV. Although terms of the deal were not announced, Twitter said that it expects to closely integrate the 4-year-old startup’s services into its products.
SnappyTV works with broadcasters and organizations to clip, edit, and distribute video across a variety of digital platforms, including social networks and mobile devices, in near real time. Twitter said Snappy TV publishers will continue to have the ability to share moments on other platforms, like Facebook. The aim, according to SnappyTV, is to distribute that content and analyze its impact on the audience in real time.
SnappyTV is already widely used by brands and media partners to share video on the microbloging site, both organically and via Twitter Amplify, the company said. Twitter shared just a few examples in its blog post announcing the deal today, including clips of touchdowns, award show performances, and other live moments shared nearly instantly with users on Twitter.
This latest acquisition is part of Twitter’s overall efforts to boost revenue as it faces concern from investors over user base growth and its ability to make a profit. Twitter’s share prices is down 13 cents, or .3 percent, to $38.61 in recent trading, far off its 52-week high of $74.73 and down nearly 40 percent compared to the start of the year. The compay, which has yet to make a profit, posted revenue of $665 million and losses of $645.3 million for the full 2013 fiscal year.
To address those issues, Twitter CEO Dick Costolo has argued that his company needs to build out its relationships with brands and marketers to make the service a more attractive advertising space. In April, Twitter acquired Gnip, a company that provides data on social interactions, and unveiled a “mobile app promotion suite” that takes advantage the MoPub mobile ad exchange it acquired in 2013. The SnappyTV buy could also be coupled with Twitter’s current relationship with Nielsen, which provides complementary social data on TV ratings.
For its part, SnappyTV says it’s happy to join the flock at Twitter. The company said the deal will allow it “to provide an even better product and bring the platform to more content owners and event organizers.”