Vimeo Inc. has announced that it will lay off 6% of its workforce citing challenging market conditions and uncertainty ahead. The video hosting platform claims this will give them the flexibility to come out of the economic downturn stronger. Should we be worried about darker times ahead? Founded in 2004 by Connected Ventures, the parent company of CollegeHumor, Vimeo gained the attention of indie filmmakers for its higher quality and curated film content. If you recall, Vimeo was streaming 720p and 1080p, back when most videos on YouTube were only available in 360p. A lot has changed since then, and New York-based Vimeo Inc’s (traded publicly as VMEO) shares have fallen approximately 85.64% since their listing. Trading opened in May of 2021 at $57.00, cratering to just $6.32 per share at the time of this article being published. On top of that, they’ve reported a downward trend in subscriber growth in their latest monthly metrics. Vimeo Inc. Stock Ticker 07/20/22 This could spell out big trouble for the company, who has struggled to find an identity with the changing marketplace. Recently, the company told shareholders that they are no longer an indie version of YouTube. They now consider themselves to be a B2B video-sharing solution. Vimeo Staff Picks That’s a tough pill to swallow for anyone who regarded their Staff Picks selection as a badge of honor. Personally, I have discovered many amazing films and filmmakers thanks to Vimeo’s selections. In recent years, however, those selections have lost their prominence...
Published By: CineD - Friday, 22 July, 2022