Twitter reportedly buys streaming video app Periscope

Even as the live streaming app Meerkat has taken Twitter by storm, Twitter may have pre-emptively acquired Periscope, a rival streaming video app that’s currently in closed beta.

According to Business Insider, Twitter bought Periscope last month for at least $50 million. TechCrunch had previously reported on acquisition talks between the two companies.

A Twitter spokesperson said the company doesn’t comment on rumors.

Periscope uses the tagline “Explore the world through someone else’s eyes.” And while it’s not entirely clear what that means, it seems likely that it is a live streaming service that could compete directly with Meerkat, which itself launched at the end of February.