Facebook has bought the company in order to grab its team for an undisclosed fee. The social media giant is doing this, only to have the Eyegroove app shut down. Mark Zuckerberg last month had confirmed Facebook‘s ambitions to take on YouTube more directly.

Also considered a rival to Flipagram, Eyegroove tapped into the popularity of fan-made music videos. It allowed users to record and share videos of up to 19 seconds in length, which could be altered with special effects and filters. Its licensing setup was rather interesting, with all music used on the app being sourced from Soundcloud. Eyegroove was founded in 2013 by Scott Snibbe, and raised more than $3.5m from numerous investors, which included Doug Soloman, Managing Partner at Physic Ventures, and Matthew Papakipos, Engineering Director at Facebook.

We founded Eyegroove to empower mobile video creativity. After two years of daily delight in our users’ beautiful Grooves, we are shutting down our app Thank you for championing our mission and making Eyegroove an amazing community. Your creations brought us inspiration, laughter, tears, and fits of joy.

– Scott Snibbe, CEO

H/T: Music Business Worldwide

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