Video-sharing website Vimeo said Tuesday that it will acquire live video-streaming service Livestream and launch a new streaming service called Vimeo Live.
IAC-owned Vimeo didn't disclose financial details for the acquisition of the Brooklyn-based company, which says it serves up live videos to 50 million viewers from customers such as Spotify and Dow Jones. Once the deal closes, Livestream's technology will be integrated with Vimeo, allowing users to capture and stream live events.
"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," Vimeo CEO Anjali Sud said in a statement.
The acquisition makes possible a dramatic expansion for Vimeo, often known as a highbrow YouTube.
Like Google's video site, Vimeo lets people upload clips. But its early dedication to high picture quality and its ban on video ads meant it was more likely to host film-festival fodder than cat clips.
The new direction comes on the heels of Vimeo shelving plans to launch its own video subscription site with original content. The site said in November it would help its creator community develop original content, and supplement it with licensed programming. Vimeo said in June it had abandoned those plans.
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