Holding company gains more profit than expected due to popularity of video distribution platform Vimeo, momentum to become independent and listed

As a video distribution platform for creators,

Vimeo has grown significantly in the pandemic, and it turns out that the holding company, IAC, has outperformed analysts' expectations.

Vimeo drives IAC to an earnings beat ahead of planned spinoff --MarketWatch

According to reports, Vimeo's holding company, IAC, had a net profit of $ 329.1 million in the first quarter of 2021 and sales of $ 876 million. This exceeded analysts' expectations of $ 852 million. It seems that the reason for the good performance is that Vimeo aimed to provide services for content providers, unlike YouTube as a video distribution service.

CEO of 'Vimeo', which is growing rapidly against YouTube, talks about its strategy --GIGAZINE

Vimeo has already decided to become independent and listed in 2021. This is because IAC has adopted a policy of promoting the independence and listing of group companies in order to increase corporate value.

Video distribution platform 'Vimeo' is expected to become independent and listed in 2021 --GIGAZINE

Regarding the impact of making Vimeo, a strong driving force, on IAC, Glenn Schiffman, CFO, said, 'Even if Vimeo becomes independent, IAC will have Dotdash, a web publishing business, childcare and senior citizens. We have a well-balanced portfolio, including Care.com for the personal care business and Angi for our home services platform. ' Dotdash generated $ 65.4 million in revenue in the first quarter of 2021.

in Note,   Web Service, Posted by logc_nt