This action caused many frustrated users to leave the platform. Loyal users of the platform were forced to pay for premium services before their precious content will be deleted.
#VIMEO STOCK FOR FREE#
In fact, this strategy was well mentioned in the Shareholder Letter by the CEO stating “I want to share 3 signals that we think indicate we’re on the right track: Over the past eight quarters, users who try our tools for free are converting to paying subscribers at increasing rates”. Vimeo has pushed away filmmakers by forcing them to pay thousands of dollars for video content. We are a B2B solution, not the indie version of YouTube”. Today we are a technology platform, not a viewing destination. As stated in the 2022 Annual Shareholder Letter: “The majority of our potential customers don’t yet know the answer to this question, largely because Vimeo has evolved so materially over the last few years. Vimeo has declared that it’s not the indie version of YouTube. Vimeo stock Vimeo – Not for filmmakers anymoreĪs a digital cinema magazine, we should not cover Vimeo anymore as it ceased being a platform for video creators. However, in the case of Vimeo, it can mark the beginning of the end. At first, the layoff of 6% doesn’t seem like an indication of a solid company crisis. We are making this decision in order to ensure we come out of this economic downturn a stronger company” stated Vimeo’s CEO. “Today I have hard news to share: after careful consideration, we have made the decision to reduce our workforce by 6%. The letter indicates that Vimeo has laid off 6% of its workforce, amounting to around 70 employees in total. As of the end of 2021, Vimeo had a total of over 1,200 full-time employees. In a brave and honest letter aimed at all Vimeo employees, the company CEO informed the significant reduction in the workforce.
Is this the beginning of the end? Vimeo Paid and Basic accounts Vimeo has laid off 6% of its workforce
It seems that Vimeo struggles to find its business destiny. In a brave and honest letter written by Vimeo’s CEO, the company has declared a layoff of 6% of its workforce.
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