Vine co-founders are already working hard on their new social app- HYPE

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Even though Twitter shut down Vine after the micro-blogging app failed to meet Wall Street’s expectations, the Vine co-founders have already went on and created a new social app, this time dabbling video broadcasting.

Name HYPE is a live broadcasting app made by Vine co-founder Rus Yusupov and Colin Kroll. It works much like Facebook’s Live Video and Twitter’s own Persiscope in the sense that it enables users to broadcast live video from anywhere. The app was launched on product forum Product Hunt on Thursday, Fortune reports.

However, it is still in its beta-testing phase and thus available only to a handful of users.

Vine was a video-sharing app where users uploaded six-seconds long videos. Twitter acquired the app in late 2012 and now has announced it will shut the app down in the coming months.

But not ones to be dejected, the co-founders have already moved on to a better app. On Thursday, the co-founders appeared on a live-video on the HYPE app itself and held a live session with the audience. They discussed the early days of Vine and their new app. They even took questions from the viewers who commented during the video broadcast.

HYPE will face tough competition from the big names in social networking including Facebook Live Videos and Twitter’s Periscope videos. Live video broadcasting is a big trend in social media currently and already the first video-broadcasting app, Meerkat has lost traction. Meerkat was shut down for good by its owners.

The founders of Hype along with another co-founder Dom Hoffman made Vine in 2012 which Twitter acquired for $30 million that year itself. And even though Twitter initially expressed great enthusiasm for the app, it allocated fewer resources in maintaining the app over the years, especially after it acquired Periscope in 2015.

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Vine co-founders are already working hard on their new social app- HYPE