Vimeo, the 14-year-old video service that started as a platform for indie filmmakers, is changing its business to focus on selling software tools to its community of millions of social creators, instead of being a video viewing destination, its CEO said in an interview with Axios.
Why it matters: The pivot allows Vimeo to go after a less competitive social “SaaS” (software as a service) market that focuses on stock images, as opposed to the saturated video viewing market, which is dominated by massive tech companies investing billions in original content to win eyeballs.