Vimeo launches enterprise tech business
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Vimeo, the 14-year-old video service that started as a platform for indie filmmakers, is launching Vimeo Enterprise, a technology tool designed to help large businesses better communicate internally.
Why it matters: It's the second phase in Vimeo's two-year pivot from being a video and content company to a SaaS (software as a service) company. Last year, Vimeo launched its consumer-facing SaaS tool catered towards providing video professionals with high-grade video creation tools. Thursday's launch is catered towards large businesses.
The details: The new enterprise service is meant to allow large companies to host, share and manage video content across their teams at scale.
- It offers both live and on-demand systems, servicing anything from external marketing and events to training and onboarding videos.
- Unlike enterprise video providers Zoom and BlueJeans, Vimeo's service will not offer video conferencing tools.
- Vimeo's CEO, Anjali Sud, tells Axios that what sets its service apart is its scale as well as its analytics, support and security features.
" Video deployment at scale is really complex. While there are a couple of small, niche enterprise video companies in the market, none offer anything close to the scale we have. Our security features and support services are more sophisticated and advanced to support large teams."— Sud
By the numbers: To date, Vimeo's pivot from serving video content to selling video technology has been successful. The company, which is owned by Barry Diller's InterActiveCorp (IAC), expects to double revenue by year's end from $100 million in 2017, with well over 1 million subscribers.
- In a statement, Vimeo says enterprise customers are its fastest-growing software customer base, which is why the company is investing in an enterprise-specific product.
The big picture: Sud says Vimeo won't compete directly with Zoom or other video conference businesses, but seeks to solve similar business challenges.
- "A problem that exists now today more than ever is that organizations are more disparate and in need of more efficient collaboration tools."
Go deeper: Vimeo pivots business from media to tech