Vimeo, long known for providing quality video content for users, made by the creative community is now considering introducing a new subscription scheme for premium content such as movies and documentaries.
It will be competing directly with the likes of Amazon, Hulu and Netflix, who are known to stream popular content as well as their own independent content. CEO Joey Levin had recently discussed in a letter to other shareholders of the company plans to “follow in the footsteps of Netflix”.
He also goes on to say that unlike its competition, Vimeo will not have to spend billions in starting, since it somehow has the means to do the same at the fraction of the cost. We’re guessing that Vimeo will be reaching out to its professional community to create this new content for airing. Although none of the details have been officially revealed by the company.
This will be a totally different service from the on-demand service they currently offer, which provides documentaries and movies for rent or purchase. Levin mentions this service will be more focused on the creative talents behind the scenes than the celebrities. He wants upcoming Directors, Cameramen, Editors and Producers to be given a shot on the platform. He also sighted High Maintenance, a Vimeo original series that got picked up by HBO after two seasons. Also, many shorts by Vimeo have been picked up for nominations at the Oscars.
Levin knows that there is stiff competition from already established subscription services out there and that Vimeo will have a tough time gaining subscribers. But he maintains that Vimeo is dedicated to providing artists with the right tools and the right audience to get their content viewed on the platform. The website is losing money since its popularity has dipped quite considerably over the years. But they still remain one of the best destinations for getting original quality content.
And Levin’s goal, as he mentions in his letter, isn’t to make any immediate profit but to create a niche in the market. What we think is that Vimeo already is a niche in its segment of video streaming services, and it already hasn’t been working out so well for them thus far. What they’re losing out to compared to the big players out there seems to be viewership, mainstream media and notable influencers backing them up. None of these are prevalent features on the independent platform.
So we’re not entirely sure that going this direction will work out for them in the long run, but it’s a good step towards creating a space for the niche and for getting some truly original programming. As long as they don’t follow in the footsteps of YouTube Red, we’ll be quite fine.