Don’t hold your breathe for Vine 2, it won’t be coming anytime soon.
The company’s co-founder, Dom Hofmann, announced on Friday the indefinite postponement of Vine 2’s launch.
Hofmann outlined the reasons for coming to the “very difficult decision” of postponing the project on the v2 forums. Among those, and probably the biggest reason, is the financial aspect.
When he first revealed Vine 2, which was dubbed V2, he announced that it would be a personal project and will be personally funded. Apparently the response was overwhelming and the larger-than-expected audience for the project would cost A LOT to run. Way more than his personal funding could cover. Legal issues have also surfaced and the “legal fees have been overwhelming.”
“Long story short, in order to work, the V2 project needs to operate as a company with sizeable external funding, probably from investors.”
However, investors weren’t too keen to jump in on the project. “I already run an early-stage company that is in the middle of development. Very few backers would be happy with the split attention, and I wouldn’t be either. This is potentially solvable, but it’s going to take time for the space and resources to become available.”
Hoffmann explains what their future plans are.
“We take a step back. The code and ideas still exist, but until everything else comes together, we can’t move forward. Again, this is indefinite, which means that it could take a long time. But it’s necessary.”