Published By : 26 Feb 2018 | Published By : QYRESEARCH
Vimeo, the video hosting service of IAC/Interactive Corp., is aiming to touch one million paid subscribers’ mark and gain over US$100 mn in revenues in 2018, stated its chief executive officer, Joey Levin, in an interview. The video streaming services provider offers cloud-based video hosting, sharing, and editing tools to business customers as well as individual users. At the end of the fourth quarter, the company had 873,000 paid subscribers, which is up 14% from the past year.
In an interview with Reuters, Levin stated that crossing the mark of 1 million subscribers is a near-term goal for the company and ideally it should be able to achieve its target in a year or so. “Right now, Vimeo is the most prominent non-public opportunity inside of Interactive Corp.,” he added. Levin, however, further stated that the organization was not looking for an initial public offering (IPO) for Vimeo right now. “The company would like to have it in position to be prepared for that later on in future,” he said.
According to analysts at Reuters, the video-sharing service is nearly of US$1 bn. Vimeo's parent company, IAC is managed by Barry Diller, a prominent media magnate. IAC is notorious for turning off enterprises performing excellent. An array of IAC's spun-off firms include, Expedia, Ticketmaster Box Office Services, HSN Shopping Network, and LendingTree. Similar to these, it also spun off the proprietor of Tinder dating app, Match Group, in 2015. Although Levin stated that the IAC has no plans to spin off the dating into an individual enterprise.