Now, Vimeo is a Public Company
Vimeo, known as the cooler cousin of Youtube, has got a lot of popularity due to quality videos on its platform. Today, Anjali Sud announced on Twitter that Vimeo has become a public company. Anjali, CEO of Vimeo, also thanked her followers on Twitter to make it possible.
“Today Vimeo is a public company.”
With the tweet, she also posted her pic to celebrate the listing opening today.
She further added:
“It has been a 16-year labor of love, rooted in our belief in the power of video.”
Vimeo believes in Creator’s first methodology. Talking about the same concept, she said:
“We put creators first and put that power in the hands of millions. To everyone who made today possible: Thank you”
But it was not a good day for Vimeo on trading debut. The firm’s share declined 13% on its public debut day. Vimeo Holdings Inc. is no more associated with Barry Diller’s IAC/InterActive Corp. It is an independent firm now. Vimeo is the eleventh firm that has spun off from IAC. It has joined the league of other firms including Match Group Inc., Expedia Group Inc., and LendingTree Inc. They all spun off from IAC.
On debut day, Vimeo’s share closed at $45.39 with a market cap of $7.2 billion. Before Tuesday, it had a market valuation of $8.4 billion.
IAC further revealed that Vimeo’s valuation surged to $6 billion in January 2021 when it raised $300 million in funding from its existing investors.
IAC also saw a decline in its share to $158.74 that is 5.6% less than its share value in opening trading.
Exponential Growth of Vimeo in Pandemic
Video platforms like Vimeo have become very popular due to the ongoing pandemic due to the online communication demand by firms and professionals. People are using such platforms to do work from home.
Sud also revealed that Vimeo doesn’t want to become just a hosting platform or destination, the company wants to grow as a tool.
Users of its cloud-based video software range from small businesses like schools and coffee shops to large enterprises such as Amazon.com Inc. and Intuit Inc
In 2020, as a subsidiary of IAC, Vimeo saw a surge of 44% to $283 million in its revenue compared to $196 million in revenue in 2019. Last year, Vimeo faced a loss of $51 million that is less than the net loss of $76 million a year before. This data was revealed by Vimeo while filings with U.S. Securities and Exchange Commission(SEC).