Vimeo to start paid subscription service

Premium video subscription platform Vimeo, has announced its plans to launch a consumer-facing subscription business.

“Vimeo has the once-in-a-generation opportunity to, following in Netflix’s footsteps, deliver compelling subscription viewing experiences for consumers in the market for pay TV,” writes IAC CEO and interim Vimeo CEO Joey Levin in a letter to its investors. He further states, “I believe we can do so at a fraction of the cost of other major competitors by virtue of the audience and content benefits conferred upon Vimeo through our existing marketplace.”

Vimeo has stated that it plans on strategically funding content, but it also focuses its efforts and leverage on its community of filmmakers. The platform said it will also “spend on programming” from third parties.

The ultimate goal, Levin continued, is for Vimeo to “drive millions of subscriptions and transactions for our creators while also growing a proprietary subscriber base with millions of consumers directly.”

No further details for the service, release date or subscription price, were unveiled.