Vimeo Announces $10M Investment in Vimeo on Demand Platform
After a successful first year for Vimeo on Demand, Vimeo hopes to attract even more quality films with guaranteed funding.
One year ago, Vimeo launched Vimeo on Demand, a self-service sales platform where creators can charge for their movies, and today Vimeo celebrates the platform's anniversary with a $10 million investment designed to attract quality filmmakers.
Vimeo will spend the funds on creators who agree to distribute their works with Vimeo on Demand. For example, part of the money will go toward expanding the crowdfunding program Vimeo announced at this year's Sundance Festival, making funds available to select titles that have raised $10,000 or more through a leading crowdfunding site and that agree to an exclusive availability window through Vimeo on Demand.
In 2013, Vimeo make headlines at the Toronto Film Festival by offering a $10,000 advance to titles that launched with Vimeo on Demand. Once the festival was over, 13 filmmakers took the offer. With this investment, Vimeo will expand that program and guarantee funding to any film that premiered at one of 20 leading film festivals in 2014 in exchange for an exclusive distribution window.
Vimeo will also award one year of Vimeo Pro service to creators that have raised $10,000 or more through crowdfunding or premiered at one of 20 leading festivals.
Vimeo has seen strong growth for Vimeo on Demand in its first year: The platform was visited by 168 million unique global viewers in January, showing 80 percent year-over-year growth.
Two additions to the site allow video creators to generate revenue from their creative work.
Creators with Vimeo Pro accounts can now sell their work, keeping 90 percent of post-transaction revenue.
Integration with Vimeo is now a part of iOS 7, as the Camera and Photo apps offer direct video uploading.
New episodes of the online comedy, which follows an NYC weed delivery man, will appear on Vimeo On Demand later this year.
While the plans won't reach consumers for many months, both video sites are looking to monetize the viewing experience.