Vine's closure saw the end of one of the internet's favorite platforms, so when creator Dom Hofmann shared plans for another app called V2, it was good news for fans of the six-second video app. Sharing a statement on the V2 forum, Hoffman has now written he has to put the project on hold, citing a need for more funding, Fader reports.
"I didn’t expect to write this even a few weeks ago, but I’ve made the very difficult decision of postponing the V2 project for an indefinite amount of time," he wrote. "There are several reasons for this, including a bit of 'sequelitis,' but I’d like to explain the biggest one, which is due to financial and legal hurdles."
In late 2016, Twitter purchased Vine for $30 million, but shut the app down by January 2017. Influencers like King Bach and Brittany Furlan who used the app to make substantial income were naturally pretty upset by it, as were millions of other users who no doubt didn't want to miss out on more of the platform's best content.
By November, Hofmann had announced his plans at launching V2. He soon discovered that as much as people loved and missed Vine and its often-hilarious content, he would need money to really back it up. "Long story short, in order to work, the v2 project needs to operate as a company with sizable external funding, probably from investors," he said.
Thankfully, all of the original vines we know and love are still intact so they'll continue to live on that way.
