The news of Vine 2 being launched was the best thing to happen to vloggers when it was announced in December 2017.
It was even better when it was rumoured that Logan Paul wasn't going to be let onto the video sharing platform.
But, now we're not sure anybody can join the site, because it's being postponed... indefinitely.
Co-founder Dom Hofmann has made the announcement in the V2 Community Forums recently, stating that he underestimated the cost of getting Vine 2 off the ground.
“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.
There are several reasons for this, including a bit of ‘sequelitis’ 411, but I’d like to explain the biggest one, which is due to financial and legal hurdles.
When I announced that I was working on a follow-up to Vine, I also (perhaps foolishly) announced that it would be a personal project and personally funded. 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.
The attention has also raised an issue that we might not have faced otherwise: legal fees have been overwhelming. It’s unlikely that this will be the last of these issues.
Long story short, in order to work, the V2 project needs to operate as a company with sizeable external funding, probably from investors.”
Read the full statement below: