Vimeo has long been known for a YouTube-like service that allows you to stream user-created content. Now they want to move to take on Netflix and Amazon with longer form original content in a subscription service.
Vimeo wont be starting from scratch: they already have 15 million videos and a billion monthly views from 240 million monthly viewers. They are betting they can get some of them to sign up for their new service.
In a letter to shareholders Joey Levin the CEO of Vimeo wrote: The goal is to drive millions of subscriptions and transactions for creators, while also growing a subscriber base of millions of customers directly.
Vimeo has already spawned a community and marketplace that is producing valuable content, attracting a massive audience and getting consumers to open their wallets, wrote Levin. Now we need to fuel this system with marketing, programming acumen, product innovation and the raw energy and unbridled ambition of a disrupting start up to take a share of the $500 billion TV and film market, he added.
Details are thin on the content that will be part of the Vimeo service, but it is likely to build off of their current original content. We do know there will be apps for devices like Roku players.
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