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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 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 content and more about the technology and tools to help people create, manage, and share videos across the internet. And as the world has been forced to embrace remote work, Vimeo has fared well — particularly given its focus on asynchronous communication.
Vimeo’s renewed focus on teams and enterprises has given it a fresh lease on life, powered by new products that include 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 Vimeo out as a publicly traded company on May 25. This follows Vimeo’s $300 million raise at a whopping $6 billion valuation in January and 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 to “further entrench” its position as a video platform for organizations.
Vimeo is rolling out a branded corporate video hub for its Enterprise customers that’s designed to help businesses centralize everything they need in terms of recording, sharing, and searching for videos across departments. This includes meetings, training and how-tos, and announcements.
Here, employees can search for video content by keyword, with Vimeo automatically transcribing live and prerecorded videos to make content indexable and easy to find — whether 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. This means 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 businesses are going to turn to other video platforms for different use cases. Zoom, for example, has been one of the major beneficiaries of the global pandemic, as teams embraced both asynchronous 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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