It has been several months since we last heard that the co-founder of the now-defunct, but super popular service Vine was working on a successor to that original idea.
The new service was tentatively called “v2”, and was meant to bring back the glory days of Vine. However, it looks like logistics might get in the way of that, as Vine co-founder Dom Hofmann took to twitter today to share that he has put the project on hold, and it will be postponed “an indefinite amount of time” as he works to get outside funding secured, along with other issues:
— v2 (@v2app) May 4, 2018
It is unfortunate news, considering Hofmann had teased in January that v2 would see the light of day as early as some time this summer. Now, despite having quite a bit of attention and plenty of interest, it looks like the project might not be moving ahead at any rate of speed at this point. The silver lining here is that Hofmann isn’t giving up on the idea completely, but just slowing things way down in an effort to secure the funding he needs to make the project worthwhile.
“Long story short, in order to work, the v2 project needs to operate as a company with sizable external funding, probably from investors. This is difficult because 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.”
Hofmann will be keeping the v2 forums open, so if you’ve been active there, those won’t be going away.
It has been quiet on this project for some time, despite the tease back in January. It seems likely that a new Vine platform would probably do pretty well at launch, but services like Instagram and Snapchat would probably find ways to try and cannibalize the features that it would introduce. Still, hopefully this project gets off the ground sooner rather than later.