Video streaming site Vimeo observed a rapid growth since the pandemic this year, and is now being spun off as a standalone public company. The service was acquired by one of the biggest tech and media companies IAC, shortly after being founded in 2004.
CEO of IAC, Joey Levin said in a press conference that it is time for Vimeo to become an independent public company. This huge change is expected to help Vimeo raise money to further invest in product and sales capabilities.
Vimeo has served as a more professional alternative to YouTube ever since it was founded. Some of the main features that the site offers include customization of the video player surrounding customers’ films, putting password protection on videos, creating custom sites, integrating with Google Analytics, rentals and purchases of films, and account management by multiple team members.
Vimeo says that it currently has 200 million users and in the last seven months, it managed to attract over 30 million new members. Over 60 million new videos were created and uploaded on the platform, which is a number greater than what Vimeo had achieved in the prior three years.
Moreover, Vimeo raised $150 million in November and is now on the road to build new tools for teams and enterprise users, develop richer live event features, and add integrations with more third-party platforms.