Vimeo said Monday it will acquire over-the-top video platform VHX in an aim to boost its video-on-demand business. Terms of the deal were not disclosed.
VHX enables video creators to sell their own content online and currently offers over 100 VOD channels, according to Variety.
Vimeo said the acquisition will bolster its streaming options for individual creators and major media partners alike in catering to its 280 million monthly users.
Based on online statistics, Vimeo still has room to grow when it comes to competing with other online video sites. As of February, YouTube has the largest US market share (75 percent) with Netflix a distant second (8 percent). Vimeo shares fifth place with Bing Videos (1 percent).