Vimeo: The Video Platform That Could
It seems like Vimeo, the oft-overlooked video hosting and sharing platform, has finally realized the power of AI and is jumping on the bandwagon in a big way. This week, they announced a suite of AI-powered tools that’ll help users create scripts, record footage using a built-in teleprompter, and remove filler words and awkward pauses from their videos. Starting from July 17, these tools will be available as part of Vimeo’s Standard plan, which will set you back $20 per month (billed annually).
Vimeo’s Chief Product Officer, Ashraf Alkarmi, says these new capabilities are aimed at entry-level video creators, like CEOs, employees, and social media managers, who lack the skills, time, and resources to achieve the effects they want. According to Vimeo’s internal research, 50% of its customers do multiple takes while creating a video, and 25% of those who reshoot do over five takes. Yikes.
Alkarmi told TechCrunch via email, “Our latest AI-powered workflow reduces those barriers, giving any creator the confidence to actually create videos in one take.”That’s an ambitious goal, but hey, we’re all about efficiency here.
Break It Down: Vimeo’s New Tools
The new script generator uses generative AI, specifically the OpenAI API, to create a video script based on a brief description and key inputs like tone and length. The teleprompter tool offers a customizable script display with different font sizes and pacing. The text-based video editor identifies and deletes filler words and awkward pauses like they never existed.
Alkarmi envisions these tools being used to quickly create highlight reels, host virtual events or company meetings, and export quote clips for short marketing videos. He said, “Our goal is to help any business use video the same way that they use text or image as a powerful way to communicate to both internal and external audiences.”
Vimeo Joins the AI Party
Leveraging AI is quite the trend these days, but Alkarmi notes that Vimeo has been investing in AI for some time. In 2019, the company acquired Magisto, which was developing AI tech for video editing. Vimeo built its Create tool on top of the Magisto infrastructure, allowing users to create video by piecing together stock photos, videos, and personal archives.
Alkarmi expects AI to remain a core focus for Vimeo moving forward, and that’s probably a smart move. A growing number of startups, including Capsule, Descript, and Dumme, offer AI-powered video editing tools. So too do industry giants like Adobe, which sees AI as a key ingredient to video editing workflows of the future.
Alkarmi said, “AI is a priority for me and my product team because it solves our customer issues, not because it’s the latest technological trend. You can expect more products like this from our team, as we work to make AI seamless in our product suite and in a way that simplifies video and differentiates end-to-end user journeys.”
Vimeo’s AI-Fueled Comeback
Publicly-traded Vimeo, which boasts around 260 million users, had a rough start to the year, laying off around 11% of its workforce. But things appear to be turning around, perhaps thanks in part to the platform’s renewed AI investments. In its latest earnings report in May, the company beat expectations, reporting around $103.58 million in revenue versus the consensus estimate of $103.07 million.
So, here’s to Vimeo’s AI-powered future. We’ll be watching (and probably rewatching) with interest.
