Video-sharing service Vimeo has announced that it has finished raising $150 million in financing. As city blockades were implemented in accordance with the Corona 19 epidemic, demand for Vimeo also surged, and funds were transfused accordingly.
It is true that Vimeo is recognized as an indie version of YouTube, but it has grown greatly as a place where viewers can play videos without advertisements and also present works to creators. As demand increased due to Corona 19, between March and October 2020, 30 million new registrants increased, 600,000 new contents were raised, and Vimeo in the third quarter of 2020 sales was 44% compared to the same period of the previous year It increased to $75.1 million.
It is also said that Vimeo is used a lot for virtual events. For example, the LA Dance Project transformed a class into an online class using Vimeo in the real world, allowing the maximum capacity of 150 to be conducted for 175,000 at a time. In addition, Columbia University is using Vimeo to hold a virtual graduation ceremony, and Starbucks is using Vimeo to deliver an education program explaining Corona 19 response to stores around the world.
In response to growing demand, Vimeo announced that it has received a $150 million share investment from investors Thrive Capital and GIC for a new deployment. Vimeo announced in October Vimeo Record, an extension program for Chrome that allows you to share your PC screen or webcam video for free. Vimeo CEO Anjali Sud has suggested that the new funding will be used to expand collaborative content creation capabilities, including Vimeo Records.
He also said that money can be invested in live events using Vimeo to generate revenue and reexamine how to interact, optimize content creation and publishing processes, and improve many platform-linked algorithms such as GoDaddy and Shopify.
He said the company’s goal is to radically simplify creating and sharing videos into business with more cost-effective and intuitive tools than ever before. Additional funding will be a huge opportunity to focus and expand on the Vimeo platform. In addition, Vimeo’s parent company InterActiveCorp (IAC) has separated dating app developer Match Group and is considering making Vimeo an independent commercialization. Of course, IAC CEO Joey Levin said it still takes time to decide on independence and it’s too early to say what the terms will be. Related information can be found here .