Vine founder Dom Hofmann's 'personally funded' new project just came to a screeching halt
- Ex-Vine CEO Dom Hofmann's "personally funded" followup project to the six-second video app just got postponed.
- Hofmann attributes the halt to financial and legal difficulties, as well as his underestimating the new project's popularity among audiences.
Former Vine CEO Dom Hofmann announced Friday in a post that his "personally funded" followup project to the video app, named V2, would be postponed for an "indefinite amount of time."
Hofmann cited the postponement as a result of unforeseen financial difficulties due to Hofmann underestimating the public's response to the V2 project. He also said he announced "perhaps foolishly" that the project would be personally funded.
"The interest has been extremely encouraging, but it has also created some roadblocks," Hofmann said in the post. "Taking into account alarger-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."
Hofmann also detailed "overwhelming" legal fees and admitted that more problems have yet to come.
Going forward, the former Vine CEO said the team behind the V2 project will "take a step back," which means V2 won't launch for quite some time.
See Hofmann's post below:
Vine, Hofmann's six-second video app, was sold to Twitter in 2012 for $30 million before Twitter shut it down in October 2016. Hofmann announced he was working on a followup to Vine in November of last year.
Hofmann cofounded Vine with Colin Kroll and and Rus Yusupov, who both run the popular gaming app HQ trivia.