Vimeo, the online video specialist owned by IAC, said it has acquired Livestream and followed with the launch of Vimeo Live, a product that adds live streaming to its platform.
After Livestream is integrated, Vimeo’s platform will enable partners to capture, edit, stream and archive live vents, and host and distribute videos, via a unified workflow, the company said.
Financial terms were not disclosed, but Vimeo said Livestream powers more than 10 million events a year, with nearly 50 million viewers tuning in per month, for clients that include Dow Jones, the Philadelphia Eagles, Tough Mudder and Spotify.
The resulting Vimeo Live platform will be capable of OTT live broadcasts in 1080p, and support built-in cloud and adaptive streaming, Vimeo said, adding that archives can be replaced with files in 4K resolution.
Vimeo will also look to support live distribution on several social platforms, including Facebook, YouTube, Twitch and Twitter, and will create a path to enable live content in branded apps across platforms such as iOS, Android, Roku, Amazon Fire TV and Samsung connected TVs.
“Live streaming is the #1 request from our creator community this year, and we’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” Anjali Sud, CEO of Vimeo, said in a statement.
Vimeo expects to complete the acquisition of Brooklyn, N.Y.-based Livestream by early Q4 2017. It said Citi acted as exclusive financial advisor to Livestream and Cooley LLP as legal counsel. Williams Mullen acted as legal counsel for IAC.