Video platform Vimeo has acquired live video destination Livestream and launched its own live solution Vimeo Live. Livestream powers over 10 million events a year many for 10,000 paying customers including Spotify, Quartz, Dow Jones and the Philadelphia Eagles.
d-free video platform Vimeo jumped into the crowded live streaming pool with both feet today, acquiring early live video platform Livestream and launching its own product, Vimeo Live.
Details of the acquisition were not shared, but Livestream, founded in 2007, had raised $14.7 million in 4 rounds from a single investor, media conglomerate Gannett.
Vimeo Live brings professional live streaming capabilities directly through the Vimeo platform for the first time. Eventually, that platform will incorporate all of the content currently on Livestream. Currently Livestream powers 10 million events per year for over 10,000 paying subscribers like Spotify and Dow Jones. 50 million viewers watch live events powered by Livestream monthly, according to the company.
“Live streaming is the #1 request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” said Anjali Sud, CEO, Vimeo. “With the launch of Vimeo Live and the addition of Livestream’s impressive team and innovative product suite, we can empower a diverse range of creators to produce beautiful live experiences with professionalism and ease."
Citi acted as exclusive financial advisor to Livestream and Cooley LLP as legal counsel. Williams Mullen acted as legal counsel for IAC/Vi.