Zoom video conferencing and calls have been ranked as one of the biggest yet convenient platforms during the Covid-19 pandemic even though there were some security issues and reports of Zoom linked to China. Since people from all over the world had relied on digital technology in order to work from home, connect to their friends and families or get an education, everything was and is still being performed digitally over the internet. Conference calls were the go-to plan for every company to have meetings, education institutions to conduct classes, medical therapists to have sessions with their patients, etc. During the entire lockdown, several video conferencing apps almost all around the world observed a massive spike in their revenues; however, Zoom held the top rank amongst every other app.
Undeniably, Covid-19 pandemic has been the most significant reason for the drastic increase in revenue. The extremely high demand for video conferencing started when various countries passed the strict order for complete lockdown for months. The Founder and Chief Executive Officer of Zoom, Eric S. Yuan, said that Zoom had seen a gigantic boost in the revenue of about 169 percent that too only in the first three months of the pandemic ended 30th April.
However, as per the chart attached below, past these three months, Zoom’s revenue was accelerated even faster and higher. By the end of July, the total revenue of Zoom was recorded as $664 million, which is as massive as 355 percent from the exact time of the previous year.
Zoom predicts its revenue to reach $685 to $690 million in the next quarter of 2020 because companies have relied on Zoom to be their go-to platform in case of any communication, learning, or connecting process with anyone and in any part of the world.
Infographic by: Statista.com
