Ask HN: Is there space for a fresh Twitter-like platform?

With Twitter stocks at record lows, and a constant display of ineptitude from executives, is there space for a similar platform?

What made Twitter great in it's infancy was the developer platform support, which has all but disappeared (interestingly, Instagram seems to be going the same way with it's sandboxed mode).

As Snapchat has illustrated time and time again, there is a definite market for close-circle sharing, particularly among 18-25 year olds. Facebook is no longer cool, so what's next? Snapchat is ideal for short-term communication, but there seems to be nothing between permanent storage in Facebook's datacenters and 24h expiration on Snapchat.

If a new competitor were to launch, from my perspective it would need to focus on:

1) Strong (and on-going) developer support 2) Close-circle sharing 3) Medium-term storage

Any thoughts?