After showcasing its new livestreaming service to booth visitors at IBC in Amsterdam just over a week ago, Vimeo revealed that it has made its biggest purchase yet to back the new service, acquiring New York-based Livestream for an undisclosed sum.
Backed by $14.7 million of private funding, Livestream’s video technology backs 10 million livestreamed events a year. Livestream’s technology will be integrated into Vimeo’s product portfolio, allowing the IAC-owned online video company’s prosumer customers to capture, edit, stream and achieve live events, as well as host, distribute and monetize the video.
Livestream’s clients include Dow Jones, the NFL’s Philadelphia Eagles and Spotify.
“Livestreaming is the No. 1 request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” said Anjali Sud, CEO of Vimeo, in a statement. “With the launch of Vimeo Live and the addition of Livestream’s impressive team and innovative product suite, we can empower a diverse range of creators to produce beautiful live experiences with professionalism and ease. We are excited to take a leadership role in this large and growing market, and look forward to quickly making our mark.”
The launch of the anticipated livestreaming service comes several months after Vimeo balked at an earlier leaked plan to compete with Netflix, Hulu and Amazon in the subscription video on demand market.
“We chose to double down on our creators,” Vimeo General Manager Christophe Gillet told FierceOnlineVideo at IBC.
Vimeo’s core business is focused around selling tools and services to professional and semi-professional video makers. The products are sold as upgrades to Vimeo’s free services. Last year, Vimeo acquired VHX, which helps customers launch their own SVOD services. Clients have included Comedy Central, National Public Radio’s “This American Life,” and rock band Foo Fighters.