Vimeo has announced it has acquired Livestream and plans to launch its own Vimeo Live product, offering professional live streaming capabilities directly through its platform for the first time.
Following completion of the acquisition, Livestream's offering will be integrated with Vimeo allowing creators to capture, edit, stream, and archive live events, as well as host, distribute and monetise videos.
Vimeo says the integration of its video technology with Livestream's proprietary hardware and software products, production services and enterprise-level features will provide a "true end-to-end video solution for a wide range of professionals, businesses and organisations".
Terms of the acquisition were not disclosed, and the transaction, which is subject to certain conditions, is expected to close early in the fourth quarter.
“Live streaming is the number one request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” said Anjali Sud, CEO, Vimeo.
“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.”
Livestream co-founder and CEO, Mark Kornfilt added, “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. Together, we will be able to go faster and further in making live video a truly ubiquitous form of communication for businesses and organisations.”