Vimeo is making a move into live streaming.
The ad-free video platform has acquired technology provider Livestream to power its own live video business. Terms of the deal were not disclosed but Vimeo says it is the largest acquisition in its history.
Brooklyn-based Livestream powers more than 10 million events a year for customers that include Dow Jones, the Philadelphia Eagles and Spotify. The company's technology will now power Vimeo Live, which will offer professional live streaming tools such as capturing, editing and archiving.
Live streaming was the top request among Vimeo's nearly 830,000 person creator community, according to CEO Anjali Sud. She notes that live streaming, combined with 360 video and other updates, brings Vimeo closer to offering "an end-to-end solution across a creator's entire vide workflow."
Vimeo Live joins a suite of products available to its subscribers — Vimeo's charges between $7 per month and $50 per month for access to its professional tools. As part of the Vimeo Live offering, Vimeo will provide tools for hosting, distributing and monetizing the live streams.
"We're thrilled to join Vimeo's world-class platform, where we can accelerate the adoption of professional-quality live video by combining our tools and capabilities with Vimeo's video expertise and global scale," said Livestream co-founder and CEO Mark Kornfilt. "Together, we will be able to go faster and further in making live video a truly ubiquitous form of communication for businesses and organizations."
Live streaming has become popular in the last few years, with Facebook and YouTube both introducing tools for live broadcasts to its users. But Sud says Vimeo's offering is designed fo its professional creators. "They want to own their content and control th experience, they want higher quality and more reality, and they want the ability to archive their events and distribute and monetize them in th future," she says. "As more businesses and organizations are using real-time events as part of their communication strategy, from concerts to classes to conferences, the need for professional live streaming capabilities is only growing."
Vimeo's deal for Livestream is expected to close early in the fourth quarter.
This article was originally published by The Hollywood Reporter.