Vimeo has experienced massive growth during the COVID-19 pandemic. So much so, Vimeo is becomings its own standalone public company as a video streaming platform.
Vimeo has been owned by the tech and media holding company, IAC, almost since its inception. IAC believes it’ll be able to complete the spinoff of the platform in the second quarter of 2021. According to IAC CEO Joey Levin, “It’s time for Vimeo to spread its wings and become a great independent public company.” Essentially, by becoming its own company, Vimeo will be better able to raise money for sales and product investment.
Boosting business in the pandemic
In total, imeo has 1.5 million paying subscribers, 200 million users, and more than 3,500 enterprise customers. Additionally, the platfrm was profitable in Q3 and grew revenue 44% since last year.
“In the last 7 months we’ve welcomed over 30 million new members, seen over 60 million new videos created and uploaded, and powered millions of live events that went digital for the first time — more than the prior 3 years combined,” Vimeo CEO Anjali Sud wrote last month.
New features coming
In November, Vimeo raised $150 million. Vimeo CEO Anjali Sud said the money raised will help the platform build more tools for teams and enterprise users. Additionally, it will be used to more rich live events features and add more third-party integrations. Sud mentioned other new tools as well.
“We’re ready for this next chapter and focused on making video far easier and more effective than ever before,” Sud said.
Image courtesy: Vimeo