Vimeo Acquires Livestream, Launches Its Own Live Video Streaming Service

Popular video-sharing service Vimeo yesterday announced that it is acquiring Livestream a popular live stream services based in Brooklyn. The company also stated that they will be launching its own live streaming product, called Vimeo Live aim at integrate Livestream’s technology into Vimeo, which will allow users to capture, edit, stream and archive their live events.

Vimeo

The deal which is expected to be completed early in the fourth quarter, will see Livestream co-founder and CEO Mark Kornfilt reporting to Vimeo CEO Anjali Sud as General Manager of Live. His task will be on growing Vimeo’s combined live offering and integrating Livestream’s capabilities into Vimeo.

Vimeo Live streaming service will lets you broadcast events in full HD 1080p resolution with built-in cloud transcoding offering a powerful privacy options that let you share your contents securely.

Speaking on the acquisition, Anjali Sud said;
Ultimately, Vimeo is a creator-first platform and live video is what our creators are asking for – this was the #1 request from our community, and it is critically important for us to deliver on what our community needs, while also ensuring that what we produce is founded in quality and reliability, which is why we’re so proud of Vimeo Live and this acquisition.
Finally, live video contributes to our goal of offering an end-to-end solution across a creator’s entire video workflow, from broadcasting live events to archiving and hosting videos, to distributing and monetizing them anywhere
A big reason for doing this acquisition was the opportunity to bring Livestream’s expertise and institutional knowledge in live video to Vimeo. 
This combination is not about cost cutting, it is about growth and attacking a massive opportunity in the market together.
The new move by Vimeo is aimed at compete with leaders like Netflix, Amazon and Hulu. With Livestream’s technology, Vimeo creators can now branch into hosting live events, as well.

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