Vimeo is an American company that provides services, including video storage and sharing, and its headquarters are located in New York City. Vimeo is primarily concerned with the distribution of high-definition video formats across a variety of devices.
The business model of Vimeo is based on the concept of software as a service.It is via the provision of subscription plans to companies and content providers that they generate more money.
Vimeo gives its users access to a variety of tools, including those for video production, editing, and broadcasting; corporate software solutions; and the methods by which video professionals may communicate with customers and other professionals. There are around 1.6 million people who have subscribed to the website's services as of December 2021, and the website has 260 million users.
Jake Lodwick and Zach Klein first developed the website in 2004 as a spin-off of CollegeHumor with the intention of facilitating the sharing of humorous films among coworkers.
However, the site was eventually placed on hold in order to accommodate the ever-increasing popularity of CollegeHumor. IAC made the decision to buy CollegeHumor and Vimeo in 2006.
Following Google's acquisition of YouTube for more than $1.65 billion, IAC increased its efforts to compete with YouTube by concentrating on Vimeo's ability to provide selected content and high-definition video.
This was done in order to differentiate itself from other video sharing websites. IAC soon created a more corporate-focused structure to grow up Vimeo's services, and former CEO Anjali Sud has been in position since July 2017.
Lodwick and Klein ultimately departed the company by the year 2009, and IAC has been in charge of Vimeo ever since. In the month of May 2021, IAC separated Vimeo into its own independent public corporation.
Connected Ventures, the parent company of the humor-based website CollegeHumor, established Vimeo in November 2004 as a side project for web engineers Jake Lodwick and Zach Klein.
The purpose of Vimeo was to allow users to share and tag short movies with their peers. After CollegeHumor acquired a huge number of views from a video clip that was put on the website of Saturday Night Live in October 2004, which includes Ashlee Simpson's notorious lip-syncing episode, the concept for a video-sharing website was conceived.
Playing on the phrases "video" and "me," Lodwick came up with the moniker Vimeo as a name for the website.
During the time when Lodwick and Klein were concentrating on providing support for the primary CollegeHumor website, Vimeo was relegated to the background as CollegeHumor began to attract more viewers. Over the course of the subsequent several years, the user base of Vimeo expanded by a very tiny amount, mostly due to word-of-mouth.
Due to the popularity of CollegeHumor, which at the time was attracting around 6 million visits per month, IAC, which is controlled by Barry Diller, purchased a majority ownership stake in Connected Ventures in August of 2006.
This was because they were lured to the success of CollegeHumor. While doing an analysis of the assets owned by Connected Ventures, IAC came upon the Vimeo property. This occurred at the same time that Google had acquired YouTube for a price of $1.65 billion in October of 2006.
By the beginning of 2007, IAC had instructed Lodwick, Klein, and Andrew Pile to devote their whole time to working on Vimeo and expanding the capabilities of the platform.
Vimeo was concentrating on the content creator by providing improved upload capabilities and improved curation of material on the site. This was done in order to separate itself from YouTube and other video sharing websites that had emerged after Google's acquisition of YouTube.
The first video-sharing website to provide viewers with high-definition material via the use of Flash-based high-definition video playback was Vimeo, which made this possible in October of 2007.
Although the purchase of Connected Ventures by IAC was beneficial in terms of directing Vimeo in the desired direction, the corporate character of IAC contributed to conflicts with a significant number of the original employees of CollegeHumor and Vimeo.
Lodwick had intended to quit the firm at the end of 2007, citing the fact that the inclusion of business procedures by IAC inhibited their creativity. However, he was terminated a few weeks prior to the time when he intended to depart.Klein resigned from his position at the corporation in the beginning of 2008.
In 2009, Vimeo started rolling out a significant overhaul of its website with the intention of putting the user's attention on the video.
The big revamp was finally finished by January of 2012. The new version was intended to make the video playback the primary emphasis of the design, which was intended to be in contrast to the various user interface components that YouTube had included into its layout at the time.
Vimeo has prohibited the uploading of films linked to video games from 2008 to 2014 due to the fact that these movies were often lengthier than the ordinary material on the site and used a significant amount of the site's resources.
It was possible to upload machinima films to Vimeo that had a narrative framework. October 2014 marked the end of the prohibition.
The rise in Vimeo's services as a result of the COVID-19 epidemic prompted IAC to fund US$150 million for Vimeo in November 2020. This was done in expectation of the subsidiary being spun off as its own company,which resulted in Vimeo being valued at US$2.75 billion.
An official announcement was made by IAC about their intention to spin off Vimeo as a publicly held business in December of 2020. It is anticipated that the process would be completed by the second quarter of 2021. Following the completion of this, Vimeo would become the eleventh firm to be spun off from IAC.
An subsequent round of financing in January 2021 brought in an extra $300 million, bringing the total worth of the company to an estimated $5 billion.The shareholders of Vimeo have reached an agreement to go public on May 14, 2021.
On May 25, 2021, the firm was completely separated from its parent company and became its own organization. It then began trading on the Nasdaq under the ticker code VMEO.
Vimeo completed the acquisition of Wirewax, a collection of interactive video tools, as well as Wibbitz, an artificial intelligence-based video production platform, in November of 2021.It is
The inclusion of Wirewax's interactive features was exhibited by Vimeo via the launch of a new monthly video series called "Video Matters," which showcased the most remarkable films available on the site.
Additionally, in November of that same year, the firm introduced Vimeo Events, which let users to arrange interactive events similar to webinars in addition to other video content.
Vimeo stated in March 2022 that it will begin restricting the amount of bandwidth available to all users to a maximum of 2 gigabytes per month. The company estimates that this rate would barely effect one percent of all of its customers.
Prior to the implementation of this move, customers of Vimeo had stated that they had been contacted to acquire higher tier memberships. Vimeo expressed regret for this approach and believed that it would be more beneficial to have a flat bandwidth charge.
The user's movies that were stored on the service would not be affected in any way if they exceeded this pace, and they would work with users to provide tiered choices or to assist them in transitioning away from Vimeo and onto other services if that was their preference. Video chapters were also introduced by Vimeo in the year 2020.
Vimeo terminated the employment of 11% of its workforce in January of 2023. for June 27, 2023, Vimeo discontinued support for its smart TV applications for several platforms, including Roku TV, Apple TV, Android TV, and Fire TV.Vimeo recommends that users of iPhones and iPads cast the Vimeo app to a smart TV rather than using their mobile devices.
Those who have a paid subscription to Vimeo and are enrolled in an applicable plan are able to continue developing and updating branded applications for Roku TV and Fire TV.
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