Sorry Vine Fans, V2 Has Been Put On ‘Indefinite’ Pause
The much-anticipated Vine comeback has come to a looping halt due to legal and financial challenges.
Bad news, Vine lovers. The long-awaited replacement, V2, has been put on pause for an “indefinite amount of time” according to a recent announcement from Dom Hofmann, the original Vine co-founder and V2 mastermind.
In an official statement posted to the community forums set up for V2, Hofmann cites “financial and legal struggles” as the primary reason for the decision. The news was also reposted to the official V2 Twitter account (@v2app).
The original Vine was bought by Twitter in 2012 for $30 million. Five years later, in December 2017, Vine was shut down due to a lack of monetization opportunities and a number of key influencers moving to Facebook’s Instagram as their primary platform of choice.
As The Verge reminds us, this past January Hofmann had hinted at a possible summer release of the Vine successor, but it seems as though money has become an insurmountable hurdle.
“I underestimated the amount of enthusiasm and attention the announcement would generate. The interest has been extremely encouraging, but it has also created some roadblocks. Taking into account a larger-than-expected audience, we now know that the estimated costs for the first few months alone would be very high, way beyond what can be personally funded,” explained Hofmann. He went on to attribute the bulk of these costs to “overwhelming” legal fees.
Hofmann also used the post as a reminder that when Vine was shut down, he went on to become the founder of Innerspace VR, an immersive entertainment studio. “Very few backers would be happy with the split attention, and I wouldn’t be either,” he stated.
In short, what was once envisioned as a self-funded side project is simply beyond the scope of one person. Rather, until there are additional resources available like a full team and venture funding from external investors, the project would have been destined to fail from the start, per Hofmann. “I think it would have been even more disappointing if this service had been developed and released incorrectly, which is where we were headed,” he said.
Obstacles aside, Hofmann remains optimistic that there will be a time and place when the project can proceed. Until then, he encourages those looking for ways to revive the original Vine experience to try other existing services, the creators of which he’s inviting to “exchange ideas” as well as to utilize the forums to engage in conversation and get the latest updates.
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