Vimeo CEO Kerry Trainor told staffers today that he’s stepping down as chief of IAC’s filmmaker-founded video sharing site “to live life for a bit while working with a few companies as a board member until I’m ready to announce my next full-time project.”
The former AOL and Yahoo exec will stay as an adviser while Vimeo looks for a new CEO. IAC chief Joey Levin will serve as interim CEO of Vimeo.
Trainor says that, after four years at the operation, it “wasn’t an easy choice as I love Vimeo to its core – to its creative, inspiring, insanely wonderful (and sometimes just wonderfully insane) core.”
He says the company has more than 280 million monthly users and 710,000 paying subscribers, helping revenues to quintuple “as we pioneer a new world for video creators to be compensated for their work directly instead of relying on intrusive ads.”
With many pay TV subscribers looking for alternatives to the cable and satellite bundle, “Vimeo is poised to take its next major leap as the largest open destination for premium, ad-free video, direct from creators worldwide. Our early programming bets with Vimeo Originals have shown that creators — empowered with total artistic freedom — can reach a global paying audience through Vimeo. And it’s just the beginning.”
Vimeo should generate about $81.1 million in revenue this year, rising to $103.9 million in 2018, BMO Capital Markets’ Daniel Salmon estimated in a report this morning.
In March, Vimeo acquired VHX, which helps content creators develop their own SVOD channels. The company plans to add it to the Vimeo platform.
It’s likely to be primarily subscription based, Salmon says, because “Vimeo’s user base has become conditioned to being ad-free and IAC largely has not rolled out video advertising across any of its businesses materially.”