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| VIEW EVENT INFORMATION: Vimeo |
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Vimeo Is Launching A Consumer-facing Subscription Video service |
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About the organization Vimeo:
Type: Business
Sub-Types: Video Hosting Agent, Website, Audio Hosting Agent |
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Notable Organizations: Vimeo, Techcrunch
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| Vimeo is preparing to take on Netflix, Amazon, YouTube and others with the launch of its own consumer-facing subscription service, the IAC-owned company announced on Wednesday as part of its earnings report. In a shareholder letter, Joey Levin, IAC CEO and Interim Vimeo CEO, detailed Vimeo’s plans to more broadly compete in this space, while also differentiating its service from existing subscription players.
The company’s plans to enter this space were telegraphed earlier this year when it acquired VHX, a platform for premium, over-the-top subscription video.
Vimeo’s advantage in this market, Levin said, is that it doesn’t have to start from scratch. The video network today has 115 million videos and over a billion monthly video views, from 240 million monthly viewers. Twenty-four million of those viewers are highly engaged, watching three or more videos on the service each month. And millions have already bought content from Vimeo creators, he said.
To date, consumers have been able to pay for creator content in a variety of ways on Vimeo – they could pay for the video directly or offer a subscription, given the creator’s choice, for example. Creators could also distribute videos for free, in an effort to grow their audience.
Because of Vimeo’s built-in monetization tools, it has attracted a community of emerging filmmakers, editors and directors who share their content on its site. And this, in turn, fuels Vimeo’s belief that it won’t have to fund content development at the same level of larger players, like Netflix – instead of billions, it can spend just millions, said Levin. |
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