Vimeo has become an independent public company after its video hosting, sharing, and services platform has boomed during the pandemic.
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.
Joey Levin, CEO of IAC, 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 provide services to rent and buy their movies through Vimeo, and the platform does not focus on video discovery as much as the YouTube platform, and its free plan comes with significant restrictions, so it did not achieve the same extent as YouTube.
Without explaining whether this number is total or monthly, Vimeo says it now has 200 million users, and it has grown rapidly throughout 2020.
Anjali Sud, CEO of Vimeo, wrote last month: In the past seven months we have received more than 30 million new users, who have watched more than 60 million new videos, and have supported millions of live events that have become 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.
Funding helps Vimeo build new tools for teams, develop richer features for live events, add integration with more external platforms, and create other new tools.
“We are ready for the new phase and focus on making video much easier and more effective than ever,” Sud said in a press release.