Twitter's live video streaming tool Periscope new rival for Meerkat
Twitter has launched a new video streaming app called Periscope, just days after reports that it had blocked Meerkat, a rival app.
Meerkat, which enables users to stream live video of themselves via their smartphone that cannot be rewatched, relies heavily on Twitter and has become hugely popular in the month since its launch.
Twitter's announcement comes on the same day that Meerkat unveiled a list of investors that included Silicon Valley venture capitalists Greylock Partners and Sound Ventures, Ashton Kutcher's fund.
Meerkat's new round of funding is widely expected to have raised millions of dollars.
Twitter said in a blog post that it bought Periscope in January.
Unlike Meerkat, Periscope allows users to save and replay videos later, according to tech website The Verge. The app is currently available in the Apple App Store, with an Android app also in the works, Twitter said.
The company bought video-sharing service Vine in 2012 and has since been aggressively expanding its capabilities to carry pictures, videos and interactive content far richer than the 140-character messages it is best known for.
Vine is now one of the most popular apps in Apple's iTunes store, with Twitter users increasingly sharing short, six-second video clips along with their tweets.
Twitter's shares were up 2 per cent at $50.51 in afternoon trading on the New York Stock Exchange.
Additional reporting by James Griffiths