Twitter has just announced it is killing off Vine, the video creation and sharing app it owns. The announcement was made on Medium, another social blog website owned by Twitter.

The Vine app will still remain for the next few months so you can still view and download clips, but the mobile app will eventually be killed off too.

Twitter has said a website will still exist to host already created clips, so you can still view them and the company has promised it will announce any changes to the site before they're made.

Vine was founded in mid-2012 before being taken over by Twitter in October 2012, users were able to record six second video clips and share them to Vine's global community. The service had around 200 million users a month and around 40 million Vines have been uploaded to the sharing network.

It's likely Twitter is killing off Vine because of concerns over its overall profitability. The company has also recently announced it will be losing around 9 percent of its workforce, which equates to around 350 employees. Losing Vine should help alleviate the financial problems the social media site is having at the moment.