Vimeo has been acquired by Milan-based app developer Bending Spoons:
Vimeo, once the internet’s most prestigious stage for independent filmmakers and animators, is being acquired by Milan-based app developer Bending Spoons in a $1.38 billion all-cash deal. The sale, expected to close later this year, will end Vimeo’s turbulent run as a public company.
For the creative community, the news is hardly shocking. Vimeo’s cultural influence has been fading for years, its pivot away from entertainment and towards enterprise software leaving behind the innovators and filmmakers who built its reputation.