How A Young Outsider Turned Failing Vimeo Into A Billion-Dollar Company

years ago, Vimeo had Hollywood dreams. The internet video outfit—owned by Barry Diller’s IAC—had found a niche hosting flicks for artsy filmmakers who didn’t want their works to be tossed into YouTube’s unruly, ad-driven stew. But it was a tiny, money-losing business with annual revenue under $40 million. Vimeo was pinning its hopes on the booming streaming business, betting it could leverage its relationship with creatives to build a subscription service to rival Netflix, Amazon Prime and HBO.

Sud was soon doing the backstroke, transforming Vimeo from a dusty web relic into the showstopper of IAC’s tech portfolio. A one-stop shop to shoot, edit, store and distribute video, Vimeo posted sales of $84 million during the fourth quarter of 2020, a 54% jump from the same period the previous year. Last quarter, net subscribers increased by 300,000, to a total of 1.5 million—a gain of nearly 25%. Annual revenue is on track to top $300 million.

Vimeo should be another star spin-off. In the current frothy cloud software market, Bank of America predicts Vimeo could hit a valuation of $10 billion—about 50% of IAC’s current market cap. Vimeo came aboard IAC in 2006 as a stowaway upon Diller’s purchase of Connected Ventures, the parent of lowbrow comedy site CollegeHumor. The $30 million deal included the comedy studio, its companion merch site BustedTees—and Vimeo, the web player for CollegeHumor’s sketches. “We bought Vimeo almost by accident,” says IAC’s Levin.

She discovered the new customers were using Vimeo to post marketing videos on Facebook, Twitter, Instagram and their own websites. “There was a huge group of users that no one was serving.” Her team developed tools for businesses to upload logos, insert buy-now buttons and add email capture to their videos. After a year of solid growth, IAC added 50 more people to Sud’s skunkworks.

𝚃𝚑𝚊𝚗𝚔 𝚢𝚘𝚞 𝚜𝚘 𝚖𝚞𝚌𝚑 𝚏𝚘𝚛 𝚙𝚛𝚘𝚟𝚒𝚗𝚐 𝚝𝚘 𝚖𝚎 𝚝𝚑𝚎𝚛𝚎 𝚊𝚛𝚎 𝚜𝚝𝚒𝚕𝚕 𝚜𝚘𝚖𝚎 𝚏𝚎𝚠 𝚊𝚗𝚍 𝚛𝚎𝚊𝚕 𝚃𝚛𝚊𝚍𝚎𝚛𝚜 𝚘𝚞𝚝 𝚝𝚑𝚎𝚛𝚎👏 𝙽𝚎𝚎𝚍 𝚊 𝚛𝚎𝚊𝚕/𝚛𝚎𝚕𝚒𝚊𝚋𝚕𝚎 𝚋𝚒𝚝𝚌𝚘𝚒𝚗 𝚃𝚛𝚊𝚍𝚒𝚗𝚐 𝙴𝚡𝚙𝚎𝚛𝚒𝚎𝚗𝚌𝚎 Samuelleachhfx 𝚐𝚘𝚝 𝚢𝚘𝚞.

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How A Young Outsider Turned Failing Vimeo Into A Billion-Dollar CompanyVimeo was always YouTube's weird, flailing, artsy cousin — until a thirty-something CEO stepped in and figured out how to make it a cash cow.
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