Vimeo acquires Livestream, launches new streaming service

Vimeo announced that it has agreed to acquire Livestream and is launching a new service called Vimeo Live. Following completion of the acquisition, Livestream’s offering will be integrated with Vimeo to empower creators to capture, edit, stream, and archive live events, as well as host, distribute and monetize videos, the company explained in a press release.

Earlier this year, Vimeo (InterActiveCorp) abandoned its plans to launch a subscription video-on-demand service. Now, the company is focusing on live streaming to drive its video strategy. The terms of the acquisition were not disclosed. The transaction, which is subject to certain conditions, is expected to close early in the fourth quarter. Vimeo told TechCrunch site that this is the the largest acquisition in its history.

Likvestream is a live video platform that powers over 10 million events a year. According to Vimeo’s press release, nearly 50 million viewers tune in to hundreds of thousands of live events powered by Livestream each month from customers including Dow Jones, Philadelphia Eagles, Tough Mudder and Spotify.

Vimeo’s CEO, Anjali Sud, said that live streaming is the #1 request from the creator community this year. “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. We are excited to take a leadership role in this large and growing market, and look forward to quickly making our mark.”

Founded in 2004 and based in New York City, Vimeo has more than 60 million members in over 150 countries. It provides a platform to host, share and sell videos in high quality.