Twitter Acquires Video Streaming App Periscope on Heels of Meerkat Launch

Social network joins livestream video race two weeks after buzzy new app bursts on to the market

The battle for live steaming supremacy is heating up.

Twitter officially announced on Friday it acquired live streaming app Periscope (for a reported $100 million) with a tweet from its VP of Product Kevin Weil. No launch date has been announced. The move comes two weeks after Meerkat, a similar app, made its splashy debut on social media.

It’s going to be an uphill battle for the social network as it looks to wrestle the spotlight from Meerkat. Already, the mobile app created by San Francisco startup Life on Air has captured the attention of major Hollywood stars, including Ashton Kutcher, Academy Award winner Jared Leto and Kevin Jonas.

But, Periscope has it least one thing that Meertkat does not: The new app from Twitter reportedly will allow users to watch both live and previously broadcast video streams (Meerkat only offers the option of watching mobile video streaming in real time.)

The other feature that sets Twitter’s version apart from its competitor is that users can set their broadcast to private or public. Twitter CEO, Dick Costolo, is said to have told Periscope that video is a major part of the company’s future.

It’ll be interesting to see whether Periscope enjoys the same popularity among Hollywood A-listers as Meerkat has by being first to market.