The IAC video platform, Vimeo, announced yesterday that it is acquiring Livestream and has launched its first-ever live video product, Vimeo Live.

“We’re focused on bringing a new level of quality, convenience and craft to this evolving medium,” says Vimeo CEO Anjali Sud, noting that live streaming has been the top request from the creator community during the past year.

After acquiring Livestream, Vimeo says creators are going to be able to capture, edit, stream and archive live events.  This is in addition to hosting, distributing and monetizing video content.

Livestream offers both a platform to both broadcast and production tools for live video content.  In Vimeo’s announcement, almost 50 million viewers watch “hundreds of thousands” of live events every month via Livestream.  The organizations that belong to the company’s client list includes the likes of Spotify, the Philadelphia Eagles and Dow Jones.

Mark Kornfilt, Livestream co-founder and CEO, gave a statement in the announcement, saying that his company was thrilled to be joining Vimeo: “Together, we will be able to go faster and further in making live video a truly ubiquitous form of communication for businesses and organizations.”

Vimeo believes that, bu entering the live-streaming market, it will position them as “the most complete video solution” for businesses and professional creators.

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