By Saba Hamedy
Vimeo, which has long been known for offering a premium subscription for video creators, announced its plans Wednesday to launch a consumer-facing subscription business.
“Vimeo has the once-in-a-generation opportunity to, following in Netflix’s footsteps, deliver compelling subscription viewing experiences for consumers in the market for pay TV,” IAC CEO and interim Vimeo CEO Joey Levin wrote in a letter to investors. “I believe we can do so at a fraction of the cost of other major competitors by virtue of the audience and content benefits conferred upon Vimeo through our existing marketplace.”
Vimeo said it plans on strategically funding content, but will focus its efforts and leverage on its community of filmmakers. The platform said it will also “spend on programming” from third parties.
The ultimate goal, Levin continued, is for Vimeo to “drive millions of subscriptions and transactions for our creators while also growing a proprietary subscriber base with millions of consumers directly.”
No further details for the service, like the release date or subscription price, were unveiled.
Vimeo, which launched in 2004, had been primarily known as the go-to service for independent creators looking to sell content directly to consumers. The division of IAC attracted talent with favorable revenue splits and tools that give creators the opportunity to set up their own paywalls.
Read the full article on Mashable
And check out how Zuora helps media companies succeed in the Subscription Economy!