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How Vimeo’s strategy change is a beautiful example of business model innovation?

About Vimeo

Vimeo Inc, which was founded in 2004, is a video software solution company that offers a full range of video tools via a software-as-a-service model.

The Idea and Implementation

Vimeo was losing money with annual sales of less than $40 million when Anjali Sud joined the company. She was the Director of Marketing when she came up with the idea to provide a single-stop platform for businesses to record, edit, store, and distribute video. Her strategy was to change the company’s focus away from entertainment to entrepreneurs. In 2020, Anjali Sud’s idea was accepted by the management and she was assigned a small team to test her idea.

Results

The idea worked and Vimeo reported sales growth of 54% year over year and net subscriber growth of 25% quarter over quarter. Due to her contribution, later Anjali Sud was named the CEO of the company.

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