Video sharing service 'Vimeo' reports the completion of financing of 16 billion yen
Vimeo, a video sharing service that allows you to watch videos without ads and is supported by many creators who distribute content, announced that it has raised about 16 billion yen in new funding. Demand for Vimeo is skyrocketing due to the blockade of the city due to the epidemic of the new coronavirus infection (COVID-19), and the funds will be used for further function expansion.
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It is true that the video sharing site ' Vimeo ' is often recognized as an 'indie version of YouTube', but viewers can play videos without ads, and it is a great place for creators to present their works. I've grown up. In particular, demand increased due to the pandemic of the new coronavirus infection (COVID-19), the number of new registrants increased by 30 million between March and October 2020, and 600,000 new contents were uploaded. According to earnings reports, Vimeo's revenue in the third quarter of 2020 was $ 75.1 million, up 44% year-on-year.
In addition, Vimeo has come to be widely used for 'virtual events'. For example, LA DANCE PROJECT will move real-world classes to online classes using Vimeo so that it can accommodate 175,000 people at a time, instead of the maximum capacity of 150 people. became. Columbia University is also using Vimeo for a virtual graduation ceremony , and Starbucks is also using Vimeo to deliver an educational program to stores around the world explaining how to deal with COVID-19.
In response to growing demand, Vimeo announced that it has received $ 150 million in equity investments from investment firms Thrive Capital and GIC for further expansion. Vimeo announced in October the Chrome extension ' Vimeo Record ' that allows you to share PC screen and webcam images for free, but Vimeo CEO Anjali Sud said that the newly received investment is Vimeo Record. It suggests that it will be used to expand the 'content creation function in collaboration' including.
Sud will also spend money on monetizing and interacting with Vimeo live events, optimizing the content creation and publishing process, working with many platforms including GoDaddy and Shopify, and improving algorithms. It is said that it will be done.
'Our goal is to be the most cost-effective and intuitive tool ever, and to radically simplify the creation and sharing of videos as a business. We will receive additional funding. So we had a great opportunity to focus and expand on the platform Vimeo, 'Sud commented.
Vimeo's parent company, InterActive Corp, has already separated Match Group, a dating app development company, and is considering making Vimeo an independent business. However, IAC CEO Joey Levin said, 'It still takes time to decide on independence, and it's too early to talk about what the conditions will be.'
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