How A Young Outsider Turned Failing Vimeo Into A Billion-Dollar Company
Jamel Toppin for Forbes
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Seven
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. It hired studio execs from Paramount and Hulu and signed distribution deals with Lionsgate, CBS Interactive and Spike Lee for content to stock the new service.
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NEW YORK, April 1, 2021 /PRNewswire/ Vimeo, an operating business of IAC (NASDAQ: IAC), today announced the anticipated composition of its Board of Directors, as the company prepares to spin-off from IAC. The spin-off is expected to be completed during the second quarter of 2021, at which time Vimeo is expected to become an independent company listed on Nasdaq.
The following are the anticipated 11 members of Vimeo s post-spin Board of Directors:
Joey Levin, Chief Executive Officer, IAC (Chairman of the Board)
Adam Gross, Technology Investor and Software Industry Veteran
Alesia Haas, Chief Financial Officer, Coinbase
Kendall Handler, General Counsel, IAC
“The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future,” IAC Chief Executive Joey Levin said in a statement. “It’s time for Vimeo to spread its wings and become a great independent public company.”
IAC said that Vimeo will be able to raise capital more effectively as an independent company to invest further in products, technology, enterprise sales, and international expansion. It will also be able to use that capital to pursue strategic acquisitions.
“We have long believed in the power of video to advance human expression and transform businesses,” said Anjali Sud, Vimeo’s CEO, in a statement. “Today we have a rare opportunity to help every team and organization in the world integrate video throughout their operations, across all the ways they communicate and collaborate.. We’re ready for this next chapter and focused on making video far easier and more effective than ever before.�