Vimeo is a popular video-hosting website on which users can upload, view and share videos. Last year, the video-sharing site team has released Vimeo On Demand, a self-service sales website where creators can charge for their movies. Today Vimeo celebrates its site’s anniversary at SXSW event with a $10 million investment, intended to pull best filmmakers.
The company will spend $10 million fund in films that either premiered at one of the top 20 US film festivals in crowdfunded program, in exchange for an exclusive window through its Vimeo on Demand pay-for-play platform.
Vimeo will also award one year of Vimeo Pro service to creators that have earned $10,000 or more through crowdfunding sites like Kickstarter and Indiegogo.
In 2013, Vimeo offered $10,000 advance to creators at the Toronto Film Festival that launched with Vimeo on Demand. After the festival, more than ten filmmakers took the offer. With the same thought process, Vimeo decided to expand the program.
The current investment will include cash payments for exclusive license and marketing support, including website development as well as translation services.
Vimeo has grown tremendously after the launch of Vimeo on Demand service. Number of users visited on the site till January was 168 million globally. Unique viewers are up nearly by 80% as compared to previous year.