Venice social video app Viddy was once celebrated as the “Instagram for video,” a Facebook-friendly application valued at $370 million after a $30 million funding round in 2012.

Now, it’s shutting down.

Though it rebranded as Supernova a year ago, the beginning of the end for Viddy may have come in January, when it was acquired by Fullscreen for $20 million. It will cease operations Dec. 15, and the app was pulled from Apple’s App Store and Google Play for Android on Tuesday. The company encouraged users to go to Viddy’s site to export their videos before the December deadline.

It appears the Viddy team will continue working for Fullscreen, recently acquired by the Otter Media joint venture of Chernin Group and AT&T, for an estimated $200 million to $300 million in September.

“It’s been a once-in-a-lifetime experience,” Viddy said in a blog post. “And now, as a company and in partnership with Otter Media, we set our sights on something even more bold and ambitious: to redefine entertainment for today’s youth.”

Staff reporter Melissah Yang can be reached at Follow her on Twitter @MelissahYang for the latest in L.A. tech news.

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