Vine sequel delayed indefinitely

Vine sequel delayed indefinitely
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A follow-up to the popular short-form video app Vine has been postponed indefinitely, Vine's co-founder said Friday.

Dom Hofmann said the "V2" project would be put on hold for a potentially “long time” because of “financial and legal hurdles."

Vine, which restricted videos to just six seconds and hosted a number of viral clips, was sold to Twitter in 2012 for $30 million. Twitter ultimately shuttered the site in October 2016. 

Hofmann's November 2017 announcement that he would launch a Vine sequel made waves on the internet, where the original Vine had established footholds in various internet subcultures.

But Hofmann explained in his Friday post that the massive response a new Vine made clear to him that the project would take more in terms of financing and staff than he had originally anticipated.

“The V2 needs to operate as a company with sizable external funding probably from investors,” Hofmann said, explaining that he could not accomplish those things amid commitments to another company he'd already made.

“I’m very, very sorry for the disappointment. if it’s any consolation, i think it would have been even more disappointing if this service had been developed and released incorrectly, which is where were headed. I’d like for us to get it right,” he said.