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Vimeo has come a long way since its origins as a “YouTube alternative” that spun out of CollegeHumor back in 2004. While Google’s video-hosting behemoth is now a multi-billion dollar business in its own right, Vimeo has stuttered through various pivots and redirects as it sought to find its place in a market dominated by a handful of major platforms.
Today, Vimeo is less about the content and more about the technology and tools — helping people create, manage, and share videos across the internet. And after a year in which video became a core facet of a world forced to embrace remote work, Vimeo has shaped up well — particularly given asynchronous communication is a core raison d’être for the company.
Indeed, Vimeo’s renewed focus on teams and enterprises has given it a new lease of life, powered by new products including lead generation tools and native integrations with marketing software such as Mailchimp and HubSpot.
Vimeo’s corporate owner IAC, which bought Vimeo alongside CollegeHumor in 2006, is now preparing to spin out Vimeo as a standalone publicly-traded company on the Nasdaq starting on May 25. This comes hot on the heels of a $300 million raise at a whopping $6 billion valuation for Vimeo back in January, which in turn followed strong Q1 2021 results with revenue growing 57% year-on-year (YoY). More specifically, Vimeo’s enterprise revenue grew by 100% YoY, emanating from new customers such as Intuit, Softbank, Amazon, SAP, Comcast, Spotify, and The New York Times.
Ahead of its hotly-anticipated IPO, Vimeo today launched a new product as it looks to “further entrench” itself as a video platform for organizations.
Vimeo is rolling out a branded corporate video hub for its Enterprise customers, designed to help businesses centralize everything they need in terms of recording, sharing, and searching for videos across departments, including meetings, training and how-tos, announcements, and everything in between.
Here, employees can search for video content by keyword, with Vimeo automatically transcribing both live and pre-recorded videos to make it indexable and easy to find either in folders or within captions.
This also builds somewhat on other recent products the company has launched such as Vimeo Record, a video messaging tool that enables users to record their screen and share audio overdubs as part of an explainer or to solicit feedback.
Given that the video hub is built with enterprises in mind, all videos can be secured behind single sign-on (SSO) replete with group-level permissions, meaning that certain videos can be made accessible only to management or marketing teams, for example.
Zoom in the room
Vimeo is also cognizant of the fact that other video platforms out there are still going to be used by businesses for different use-cases. Zoom, for example, has been one of the major beneficiaries of the global pandemic as teams embraced both ascynchronous and real-time remote communication tools. As such, Vimeo Library sports a native integration with Zoom, allowing teams to upload their meeting recordings which are then automatically transcribed and made searchable.
Vimeo’s new Video Library is available for all Vimeo Enterprise subscribers from today.
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