Vimeo is back in the news. The IAC owned video sharing site has announced the addition of Cheddar to its streaming marketplace.
Launched earlier this year by former Buzzfeed executive, Jon Steinberg, Cheddar is a business-focused news marketplace, hoping to become the “CNBC for Millenials.” Steinberg, along with his co-host, Kristen Scholer (formerly of CNBC), have a unique approach and style, and the pair broadcast live from the floor of the New York Stock Exchange. Viewers can watch the broadcast on Facebook Live, where the show has been steadily growing their audience.
Now Cheddar has taken the logical next step, offering a new, premium subscription service, at the price of $6.99 per month, which will be powered by Vimeo. The service will also include exclusive interviews with executives along with long form content pieces. Additionally, Cheddar will be available directly on Vimeo’s website, getting valuable exposure from the over 280 million monthly Vimeo users.
The partnership makes perfect sense. The two companies are both geared towards millennials, and while a site like YouTube has more quantity, Vimeo has focused more on building a brand; Cheddar fits in well.
“Vimeo is the ideal partner for Cheddar,” Jon Steinberg, Cheddar’s Founder explained. “Everyone knows it has the best player technology on the web, a massive millennial audience, and a leadership position in subscription video on demand.”
"One of our key priorities at Vimeo this year is to curate the right programming as the company builds out the consumer experience for its marketplace,” said Joey Levin, CEO, IAC. “Cheddar is a perfect partner for the platform, as its pioneering, innovative news network circumvents a legacy news ecosystem and reaches audiences directly through Vimeo’s powerful tools.”
For Vimeo, the move is a clear challenge to premium services, like YouTube Red. Earlier this month, Vimeo announced the acquisition of VHX to help with its premium OTT platform, while it has continued investing in more original content. Cheddar is a nice addition, but it appears to be just the beginning.