- Parent company is assessing future strategy for internet site
- Streaming service began investing in original shows this year
Vimeo Chief Executive Officer Kerry Trainor is leaving his post atop IAC/InterActiveCorp’s video website after building the niche outlet for filmmakers into a destination for high-end internet TV series.
IAC CEO Joey Levin will serve as Vimeo’s interim boss, Trainor said in a memo to employees Tuesday. The departing executive will remain an adviser to the company, and will take some time off.
“After more than four awesome years of growth and evolution, I’ve decided it’s time to step back from Vimeo,” Trainor said in the memo. He added in an interview that he is leaving after personally benefiting from the company’s growing valuation, an upward trend Levin mentioned in a May letter to shareholders.
Under Trainor, the company tripled its monthly users to more than 280 million and has 710,000 paid subscribers. Revenue has grown fivefold, he said, without being more specific. Yet Vimeo has also struggled to win enough attention for original series such as “High Maintenance,” a comedy about a marijuana delivery guy that eventually moved to HBO.
A former executive at AOL and Yahoo, Trainor joined Vimeo four years ago. It had 40-plus employees and made most of its money selling services and tools to filmmakers.
The company will continue to increase its investment in Vimeo because the division has an opportunity to capture a larger share of the $100-billion U.S. paid video market, Levin said in the letter to investors. Those spending plans include at least $10 million on original programs this year.
While the company doesn’t spend as much on a show as Netflix or Amazon, it tries to attract creators by giving them a much larger share of the proceeds.
IAC has brought in media consultant Garth Ancier to assess the best strategies for Vimeo, as well as its other media businesses.
“My hope is that they will continue to invest along this path we’ve established,” Trainor said. “You’ll see bigger and more ambitious programming from Vimeo.”