IAC to Spin Off YouTube Competitor Vimeo, Plans IPO in 2021

Spurred on by rapid growth during the COVID-19 pandemic, YouTube competitor Vimeo is spinning off from IAC, the company announced on Tuesday, with the goal of going public during the second quarter of 2021. The decision to spin off Vimeo has pushed shares of IAC, the tech and media holding company founded by Barry Diller, up 13.5% on Tuesday morning.“It’s time for Vimeo to spread its wings and become a great independent public company,” IAC CEO Joey Levin said in a statement.The video site, like several other streaming services during the pandemic, has seen its user base climb higher in recent months. Last month, Vimeo reported 200 million users, although the company didn’t specify if those are weekly or monthly users, and that it had gained 30 million new users over the last seven months. Vimeo is only a month removed from raising $150 million, at a $2.75 billion valuation, from Thrive Capital and GIC.From April through November, Vimeo’s revenue was at least 40% higher than the corresponding month in 2019, The Wall Street Journal reported. Overall, its Q3 revenue was $75.1 million.Also Read: How YouTube Helps Lele Pons and Saweetie Tackle ‘Real’ Topics, Like OCD and Tourette’s SyndromeVimeo launched…
Read More