Shortly after its founding, Vimeo is owned by the massive tech and media company IAC, which owns trademarks in 100 countries, mostly in the media and the internet.
The IAC expects Vimeo to complete the transformation into an independent public company in the second quarter of 2021.
IAC CEO Joey Levin said in a press release: It is time for Vimeo to spread its wings and become a great independent public company.
The detachment should help Vimeo raise funds to further invest in product and sales capabilities.
Vimeo, founded in 2004, has always offered what is essentially the most professional alternative to YouTube, its most prominent competitor.
The platform allows fee-paying members to customize the video player, set passwords to protect videos, integrate with Google Analytics, and have multiple team members manage the account, among other features that teams and individual professionals are likely to need.
Creators can also offer rental and purchase services for their movies through Vimeo, not the platform On discovering the video as much as the YouTube platform, Its free plan comes with major limitations, so it hasn’t achieved the same extent as YouTube.
Without clarifying whether this number is total or monthly, Vimeo says it now has 200 million users and has grown rapidly throughout 2020.
Anjali Sud, CEO of Vimeo, wrote last month: In the past seven months, we received more than 30 million new users, who watched more than 60 million new videos, and supported millions of live events that went digital for the first time.
Vimeo raised $ 150 million in November, which allowed an estimate of the company’s market value at $ 2.75 billion, according to CNBC.
Financing helps Vimeo build new tools for teams, develop richer features for live events, add integration with more external platforms, and create other new tools.
Sood said in a press release: We are ready for the new phase and focus on making video much easier and more effective than ever.