Vimeo plans to enter the video subscription market

 

With the improving broadband and mobile data connectivity, streaming movies and TV shows is gaining popularity. Many film streaming services are now available at pretty nominal rates. And now, Vimeo is set to enter the video subscription market by rolling its own consumer-facing subscription service and developing original content. This information was revealed by Joey Levin, the interim CEO of Vimeo through an earnings report.

Vimeo will not be shelling out "billions" of dollars that services like Netflix have on producing original content, rather the company aims to empower its creator community create original content that can later be supplemented with licensed programming.

According to Levin, "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. 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.”

Unlike all other video streaming service providers, Vimeo features over a billion monthly video views, 115 million videos available, 240 million monthly viewers. High Maintenance, one of Vimeo's original series , aired on Vimeo for two seasons before HBO picked it up earlier this year.

Vimeo is gearing up to knock horns with larger players like Netflix, Amazon Prime, Hulu, HBO Now, and other subscription-based TV and video content services, said Levin.

Asserting that Vimeo's subscription service would be targeting at the indie crowd, Levin said, "Unlike other video platforms which focus on building celebrities and influencers, Vimeo is home to the world's best behind the camera talent -- emerging filmmakers, editors, and directors."

However, it still remains uncertain when Vimeo's subscription service would be launched.