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Andrew Reid

Vimeo legal blunder leads to $10 million fine in Italy

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https://www.videomaker.com/news/vimeo-buys-short-film-editing-platform-magisto-for-200m/?fbclid=IwAR3K5meVnUtwVjudvAuUcpiSnGObiRQM3ACFjhIpyUSaBF9_Jka_eZtyovo

 

News has just come out that Vimeo has acquired Magisto, a 100 million user startup focused on creating and editing short videos.

This is a huge purchase for Vimeo. To put it into context, Vimeo in total has 90 million users, compared to Magisto’s 100 million users. So far the terms of the deal haven’t been disclosed yet. Israeli publication Globes is reporting it’s a $200 million deal. However, TechCrunch talked to a source that didn’t deny the figure but did say the deal’s final price won’t be settled on until the deal is officially closed. That should be happening at the end of Q2, according to Vimeo.

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