Q2 2024 Vimeo Inc Earnings Call
At Vimeo Investor Relations site later today.
Speaker Change: Second we will discuss <unk> outlook and future performance. These forward looking statements typically may be preceded by words, such as we expect we believe we anticipate or other such statements. These forward looking views are subject to risks and uncertainties and our actual results could differ materially from the views expressed today.
Speaker Change: We've also provided information regarding certain key metrics and our non-GAAP financial measures, including certain forward looking measures. These should be considered in addition to and not as a substitute for or in isolation from GAAP measures additional information regarding <unk> financial performance, including reconciliations with <unk>.
Speaker Change: Comparable GAAP measures can be found in our shareholder letter and <unk> filings with the SEC as well as in supplemental information posted on the Investor Relations section of our website with that I'll turn it over to Philip our CEO Phillippe.
Speaker Change: Hello, and thank you for joining <unk> Q2, 2024 earnings question and answer session I'm, Philip Meyer CEO and I am happy to be joined by our CFO Gillian Munson.
You can find our Q2 'twenty poor shareholder letter and additional financial materials on our Investor Relations website.
Speaker Change: Before we jump into Q&A, a few quick points on the quarter.
Speaker Change: We grew revenue, 2% in Q2, driven by strength in Vimeo enterprise, which posted 55% revenue growth and again had some impressive customer wins, we continue to demonstrate the underlying strength of the vimeo business model as we generated $20 million in free cash flow and ended the quarter with 311.
Speaker Change: And cash and equivalents with.
Speaker Change: With our strong financial patient Foundation, we have plans to increase our investments and growth opportunities in the back half of this year and we focused on driving innovation and customer success.
Speaker Change: We are excited about what the future can hold for email and we look forward to taking your questions operator.
Speaker Change: Our first question will come from Youssef Squali at Truest Youssef.
Youssef Squali: Excellent. Thank you hey, guys.
Youssef Squali: Hope all is well so congrats on pretty good.
Speaker Change: Turning to guidance here, but.
Speaker Change: It seems like self serve.
Speaker Change: Is it continued continues to improve on the margin, but it was still down 9%.
Speaker Change: Maybe.
Speaker Change: Flesh out a little bit you are kind of game plan to get that.
Speaker Change: <unk> two <unk> flex and is it reasonable to assume that inflect.
Julien: Either by the end of the year or potentially next year early next year, all things considered and then second maybe Julien on the efficiency that you guys keep showing in opex, how much more efficiency do you think you can drive out of the ads business.
Speaker Change: For.
Speaker Change: You start to starve it.
Speaker Change: Wanted to first take the numbers side and then self serve and then we will go to the raft on self serve.
Speaker Change: We look at the <unk>.
Speaker Change: The year over year rate of growth in and around rates, it's been for the last handful of quarters.
Speaker Change: No real change there, but there is a change in terms of how we have been working with that business, which is we've taken away paid marketing spend by about 50%. So in light of that kind of a decline in paid marketing spend we feel pretty good about where the self serve businesses, but we're not satisfied with the business being down year over year, we continue to believe.
Speaker Change: <unk> and <unk>.
All our work suggests that we can grow that business. We don't believe it's going to grow in 2024, but we still believe very much in it and some of the investment planning that we're doing is centered around how we can get that business back to growth.
Speaker Change: It should be in our view change.
Speaker Change: Can you just want to talk a little bit about seltzer sure.
Speaker Change: I think it's really important to understand that we're in one of the best markets that we could be in.
Speaker Change: Video is growing significantly the formats of video we're growing the amount of video that's growing the number of creators are growing and the people. We serve and that has helped server business things like individual creators individual marketers learners.
Speaker Change: All of those are great growing businesses and so what we're going to work on and that business is actually automating even more of their workflow to make it easier and easier for them to do their job, you'll see us as well add a significant amount of AI to that user population as well. We just released this week translations and we have a significant amount of creator.
Speaker Change: <unk> of learners of marketers that are global in this business and so as we as we add capabilities like translations, we think it's going to give an opportunity for us to provide even more value to customers, we're going to get packaging and pricing right. I think that there are some things that we can do to package and price our technologies in that self service business even better.
Speaker Change: So as we make things easier as we bring AI to it as we get packaging and pricing working correctly I think that we have an opportunity to be able to grow that business again.
Speaker Change: And then one I addressed your efficiency and I think we believe Danielle has the potential to have a very very attractive margins over time, we've talked about this in the past and that continues to be our view, but I think there are some specifics nearer term that we've got to think about.
Learners of marketers that are global in this business and so as we as we add capabilities like translations, we think it's going to give an opportunity for us to provide even more value to customers, we're going to get packaging and pricing right.
There are some things that we can do to package and price our technologies in that self service business, even better so as we make things easier as we bring AI to it as we get packaging and pricing working correctly I think that we have an opportunity to be able to grow that business again.
Speaker Change: The business has been on basically a two year March of efficiency of the team's done a really really good job of continuing to drive efficiency through the business, even when the revenue has been down.
Speaker Change: And we think Theres still more you could go over time, However, I think as you look at the business and you look at our guidance what youre going to see is that we're actually going to offset some of that efficiency gain with investments for growth because I think having shown how strong the business model can be.
And then one I addressed your efficiency.
Speaker Change: We believe Danielle has the potential to have a very very attractive margins over time, they've talked about this in the past and that continues to be our view, but I think there are some specifics near term that we kind of think about the business has been basically a two year March of efficiency of the team has done a really really good job of continuing to drive efficiency through the business even.
Speaker Change: But without without that revenue growth, we really want now is the time to invest because we know we can we know we're doing it from a very strong financial base. So as you look at the business in the coming quarters, it's going to look probably less sufficient that's what the guidance implies as well, but that is really making a determined effort to invest in the business.
When the revenue has been down.
Speaker Change: And we think Theres still more you could go over time, However, I think as you look at the business and you look at our guidance what youre going to see is that we're actually going to offset some of that efficiency gain with investments for growth because I think having shown how strong that this model can be.
Speaker Change: So I think the answer is sort of both we think there's always more efficiency to get we won't be happy until we get the kind of margins. We think we deserve however in the near term we are moving into more of an invest in the business mode. Because we think the best way to get shareholder returns out there and the kind of shadowed or assurance, we really want is the key.
But without without that revenue growth, we really want now is the time to invest because we know we can we know we're doing it from a very strong financial base. So as you look at the business in the coming quarters, it's going to look probably less sufficient that's what the guidance implies as well but.
Speaker Change: Combination of margin and growth.
Speaker Change: And just to be clear the investments you are talking about are across both enterprise and self service or is it mostly across.
Speaker Change: But that's really making it a determined effort to invest in the business.
Speaker Change: Mostly on enterprise.
Speaker Change: So I think the answer is sort of both we think there's always more efficiency to get we won't be happy until we get the kind of margins. We think we deserve however in the near term we are moving into more of an invest in the business mode. Because they think the best way to get shareholder returns out there.
Speaker Change: Yes.
Speaker Change: The great news is that the opportunities are going to be or the investments are going be across both of the businesses. In many cases like take the example of a translation feature we just announced as you can imagine an individual creator that wants to have more accessibility for their videos is the exact same has the exact same requirement inside of an enterprise. So large companies that need to be able to have multi.
Speaker Change: <unk>, we really want is the combination of margin and growth.
Speaker Change: Just to be clear the investments you are talking about are across both enterprise and full service or is it mostly across.
Speaker Change: National Workforces need that translation capabilities, the same way that a filmmaker or the individual marketer or an individual learner wants to be able to have it more accessibility for their content and so we think that theres a number of foundational investments we can make that serve both of those businesses really well.
On enterprise.
Speaker Change: Yes.
Speaker Change: The great news is that the opportunities are going to be or the investments are going to be cross both of the businesses. In many cases like take the example of a translation feature we just announced as you can imagine an individual creator that wants to have more accessibility for their videos is the exact same has the exact same requirement inside of an enterprise. So large companies that need to be able to have multi.
Speaker Change: Got it thank you so much.
Speaker Change: Our next question will come from Tom Champion at Piper Sandler Tom.
Tom Champion: Hi, Julien Hi, Phil good afternoon.
Speaker Change: See you both.
Speaker Change: National Workforces need that translation capabilities, the same way that a filmmaker or the individual marketer or individual learner.
Speaker Change: Sure.
Speaker Change: Given given the forum here why don't.
Speaker Change: I'm curious if you could just talk about your experience over the last 90 days and maybe some of the initial learnings.
Speaker Change: <unk> wants to be able to have it more accessibility for their content and so we think that theres a number of foundational investments we can make that serve both of those businesses really well.
Speaker Change: And.
Speaker Change: I'm sure you don't want to reveal everything at this juncture, but you've talked about investments.
Speaker Change: Got it thank you so much.
Speaker Change: Our next question will come from Tom Champion at Piper Sandler Tom.
Speaker Change: For growth the last two quarters now the EBITDA results. Nevertheless had been quite strong so just in in very broad terms.
Tom Champion: Hi, Julien Hi, Phil good afternoon.
It would be interesting to hear about your vision your framework your thoughts around what what investment could entail and what we might be discussing maybe a year from now.
Speaker Change: See you both.
Speaker Change: Sure.
Speaker Change: Given given the forum here why don't.
Speaker Change: I'm curious if you could just talk about your experience over the last 90 days and maybe some of the initial learnings.
Speaker Change: I'm, even more excited to be here than I was when I first spoke to you about a quarter ago.
Speaker Change: And.
Speaker Change: I'm sure you don't want to reveal everything at this juncture, but you've talked about investments.
Speaker Change: Things that I get an opportunity to see inside of Vimeo kind of in the engine room or even more exciting.
Speaker Change: For growth for the last two quarters now the EBITDA results. Nevertheless had been quite strong so just in in very broad terms.
Speaker Change: We have a global network that is not to be underestimated in terms of the ability to be able to upload any kind of video and to be able to share it anywhere in the world don't underestimate the power of that capability.
Speaker Change: It would be interesting to hear about your vision your framework your thoughts around what what investment could entail and what we might be discussing maybe a year from now.
Speaker Change: In a world where 82% of the Internet is video that's an extraordinary statement that 82% approximately 82% is is video flowing around the internet. It's a massive market and we are one of the one of the bigger providers in that space.
Speaker Change: I'm, even more excited to be here than I was when I first spoke to you on a quarter ago.
Speaker Change: Things that I get an opportunity to see inside <unk>, all kind of in the engine room or even more exciting.
Speaker Change: Last year, we had over 50 billion views.
Speaker Change: Video on through Vimeo, and a good portion of that actually was not on Vimeo website. It was actually embedded in many other locations whether or not it was a marketing video whether or not it was inside of somebody's learning system or whether or not it was streaming over to another another site and so that's an extraordinary position to be in where you're actually powering that many of us the other thing.
Speaker Change: We have a global network that is not to be underestimated in terms of the ability to be able to upload any kind of video and to be able to share it anywhere in the world don't underestimate the power of that capability.
Speaker Change: In a world where 82% of the Internet is video that's an extraordinary statement that 82% approximately 82% is is video flowing around the internet. It's a massive market and we are one of the one of the bigger providers in that space.
Speaker Change: And we're really excited about we have over 8 billion minutes of video that we house for companies around the world and for individuals where the steward of that video of those video minutes and as I look to things like artificial intelligence.
Speaker Change: Last year, we had over 50 billion views.
Speaker Change: Video on proven meal and a good portion of that actually was not on videos websites actually embedded in many other locations whether or not it was a marketing video whether or not it was inside of somebody's learning system or whether or not it was streaming over to another another site and so that's an extraordinary position to be in where youre actually powering that many of us the other thing.
Speaker Change: The opportunity to be able to monetize and really be able to provide value for every single one of those minutes is even bigger as more and more AI features come out that can enhance that can enhance video.
Speaker Change: Equally exciting as Julian mentioned, we cut marketing by over 50%, but we're seeing only a minor decline when you really think about the scope of the business in the self service space as we become more and more efficient at marketing, which I think we can do by actually being more precise about who we market to I think we can get better and better at customer acquisition to be more per.
Speaker Change: I'm really excited about we have over 8 billion minutes of video that we house for companies around the world and for individuals.
Speaker Change: Steward of that video of those video minutes and as I look to things like artificial intelligence.
Speaker Change: The opportunity to be able to monetize and really be able to provide value for every single one of those minutes is even bigger as more and more AI features come out that can enhance that can enhance video.
Speaker Change: SAIS were really settling in and when we dig under the covers to be able to see who really uses our product how do they use them. We see the creator community now that creator community is growing at over as I mentioned, 20%, we see digital markers digital marketing is by growing by over 40%, we see the E learning market, that's growing by over 17%.
Speaker Change: Whats the equally exciting as Julian mentioned, we cut marketing by over 50%, but we're seeing really.
Speaker Change: A minor decline when you really think about the scope of the business in the self service space as we become more and more efficient in marketing, which I think we can do by actually being more precise about who we market to I think we can get better and better at customer acquisition to be more precise.
Speaker Change: Then we see that OTT S Vod market growing by over 20% as well. So we have good strong growing markets. We provide this global network and as we add AI and better workflows I get even more excited about what we can do for customers and as a result, what we can do for shareholders.
Speaker Change: Really settling in and when we dig in under the covers to be able to see who uses our products how do they use them. We see the creator community now that creator community is growing at over as I mentioned, 20%, we see digital markers digital marketing is by growing by over 40%. We've seen E learning market, that's growing by over 17% and then we see that OTA.
Speaker Change: Thanks for that maybe Julien.
Julien: To ask you about the buyback and.
Speaker Change: Activating that this past quarter and just any any thoughts on.
Julien: How to think about the pace of the buyback going forward.
Speaker Change: T S Vod market growing by over 20% as well. So we have good strong growing markets. We provide this global network and as we add AI and better workflows.
Speaker Change: So we bought back about 4 million shares up to about August.
Speaker Change: First about 380 something sure.
Speaker Change: Sure you used about $15 million there I mean, that's a great use of capital use.
Speaker Change: And even more excited about what we can do for customers and as a result, what we can do with for shareholders.
Speaker Change: Use of capital in terms of our capital allocation as you know our balance sheet is incredibly strong and our free cash flow was also very strong.
Speaker Change: Thanks for that maybe Julien just to ask you about the buyback in.
Speaker Change: So we continue to have a desire to buy back shares to offset dilution from employee grants and continue to expect to do that going forward as I've mentioned in our letter.
Speaker Change: Activating that this past quarter and just any any thoughts on that.
Julien: To think about the pace of the buyback going forward. So we bought back about 4 million shares up to about August.
Speaker Change: And now when do you think about capital allocation is really three ways to go right. There is buyback shares do M&A invest in the business and to buy back shares we're doing that and then the M&A right now is not as higher priority, but we think we can be a great acquirer out there and so we're always looking and so what we're really focused next is investing in the business and events and death.
Speaker Change: First about 380 something sure.
Speaker Change: Sure you asked about $15 million that we think thats a great use of capital use of capital in terms of our capital allocation as you know our balance sheet is incredibly strong and our free cash flow was also very strong so.
Speaker Change: And against the growth opportunities, we see ahead, and so you're really starting to see us enact that that plan.
Speaker Change: So we continue to have a desire to buy back shares to offset dilution from employee grants and continue to expect to do that going forward as I mentioned in our letter.
Speaker Change: Here today.
Speaker Change: Makes sense. Thank you.
Speaker Change: And now when do you think about capital allocation is really three ways outright buybacks.
Bill Okker: Our next question will come from Bill occur at TD Cowen Bill.
Buyback shares do M&A invest in the business and to buy back shares we're doing that and then the M&A right now is not a higher priority, but we think would be a great acquirer out there. So we're always looking and so what we're really focused next is investing in that business in the event investing against the growth opportunities. We see ahead and so you're really starting.
Bill Okker: Great. Thank you.
Bill Okker: So my first question's on Vimeo enterprise, the revenue and the bookings for enterprise came in better than we expected, but subs were flat quarter over quarter can you just help us understand sort of the puts and takes there and maybe touch on how youre thinking about enterprise sub growth through that through the back half of the year.
Speaker Change: See us enact that that plan.
Speaker Change: Right here today.
Bill Okker: Yes.
Speaker Change: Makes sense. Thank you.
Speaker Change: Strong growth in subs year over year or sequentially, we had a nice increase in <unk>, So that's where you're seeing a little bit more on the booking side than on the sub side.
Bill Occur: Our next question will come from Bill occur at TD Cowen Bill.
Bill Occur: Great. Thank you.
Bill Occur: So my first question's on Vimeo enterprise, the revenue and the bookings for enterprise came in better than we expected, but subs were flat quarter over quarter can you just help us understand sort of the puts and takes there and maybe touch on how youre thinking about enterprise sub growth through that through the back half of the year.
Speaker Change: And we continue to see very very strong growth there. So nothing really no real news in the quarter on that.
Speaker Change: And we continue to believe that we're going to see really strong double digit growth in enterprise.
Speaker Change: Hello future.
Okay, Great and you touched on it there with the rising ALG for enterprise.
Speaker Change: Is that a.
Bill Occur: I just wanted to see.
Speaker Change: Is that being driven by landing larger customers deepening our relationship with existing ones. What are the sort of changing pricing what are the sort of drivers there. So <unk> Israeli first time customers.
Speaker Change: Strong growth in subs year over year or sequentially, we had a nice increase in <unk>, So thats, where youre seeing a little bit more on the booking side than on the sub side.
Speaker Change: And we continue to see very very strong growth there. So nothing really no real news in the quarter on that.
Speaker Change: And that was strong in the second quarter and part of a seasonally strong there.
Speaker Change: And we continue to believe that we're going to see really strong double digit growth in enterprise.
Speaker Change: In terms of.
Speaker Change: Also our deepening our relationship with customers because our ARPA was also up year over year really nicely.
Speaker Change: It will feature.
Speaker Change: Okay, Great and you touched on it there with the rising <unk> for enterprise.
Speaker Change: We are seeing a larger mix.
Better mix of larger deals in our new customer pipeline right now and I thought it may be a threat to thoughts talk a little bit about those who those kinds of people Act.
Speaker Change: Is that a.
Speaker Change: Is that being driven by landing larger customers deepening our relationship with existing ones what are the sort of.
Speaker Change: And pricing what are the sort of drivers there so <unk> Israeli first time customers.
Speaker Change: It's really important we're providing more capabilities than we ever had to the enterprise and video is becoming even more complicated to the enterprise. When you think about the need to be able to secure video to be able to manage video to make sure. It's being distributed to just the right person at right just the right time, whether or not you're a marketer or whether or not you're a learner or you have an internal.
Speaker Change: And that was strong in the second quarter and part of a seasonally strong there.
Speaker Change: In terms of.
Speaker Change: We also are deepening our relationship with customers because our ARPA was also up year over year really nicely.
Speaker Change: We are seeing a larger mix.
Speaker Change: Acacia message from the from the CEO, It is becoming more and more complex, especially with explosion of artificial intelligence.
Speaker Change: Better mix of larger deals in our new customer pipeline right now.
Speaker Change: I thought it may be a threat to folks talk a little bit about those who those kinds of people.
Speaker Change: As businesses become more and more global they want to stay in better touch with their global workforce. We're really excited that this quarter, we announced that we actually opened up China and we took some of the biggest companies in the world into China for distributing video to their employees.
Speaker Change: It's really important we are providing more capabilities than we ever had to the enterprise and video is becoming even more complicated to the enterprise. When you think about the need to be able to secure video to be able to manage video to make sure. It's being distributed to just the right person at just the right time, whether or not you are a marketer or whether or not you're a learner or you have an internal.
Speaker Change: Some of the capabilities that we're providing to be able to consolidate all your video into a single video repository is very unique so it turns out that some of our customers that have used us for marketing also want to use us for you learning some of the customers that are used for internal communications may want to use us for marketing and so more and more vimeo is being looked at as the central repository for video.
Speaker Change: Indication message from the from the CEO, It is becoming more and more complex, especially with explosion of artificial intelligence.
Speaker Change: As businesses become more and more global they want to stay in better touch with their global workforce. We're really excited that this quarter, we announced that we actually opened up China and we took some of the biggest companies in the world into China for distributed out to their employees.
Speaker Change: For the enterprise, which is a really powerful statement as a result, we're seeing more $100000 deals in our pipeline and we're closing more of these deals than we have in the past and we're even seeing multimillion dollar deals in our pipeline and so I couldnt be more excited about the traction thats occurring in Vimeo enterprise and.
Speaker Change: Some of the capabilities that we're providing to be able to consolidate all your video into a single video repository is very unique so it turns out that some of our customers that have used us for marketing also want to use us for learning some of the customers that are used for internal communications may want to use us for marketing and so more and more vimeo is being looked at as the central repository for video.
Speaker Change: And as you know a little bit of a background in the enterprise and so I really intend to ensure that that vimeo.
Speaker Change: Oh in the enterprise as the most secure the most scalable API driven that its really interfacing into that like things like the directory services. These enterprises and helping these organizations manage their video assets at scale.
Speaker Change: For the enterprise, which is a really powerful statement as a result, we're seeing more $100000 deals in our pipeline and we're closing more of these deals than we have in the past and we're even seeing multimillion dollar deals in our pipeline and so I couldnt be more excited about the traction thats occurring in Vimeo enterprise and.
Speaker Change: Great. Thank you and just one more question you mentioned it briefly before but we've seen a number of media companies looking to monetize their content via Gen. AI in GBS via partnerships with some of these companies.
Speaker Change: And as you know a little bit of a background in the enterprise and so I really intend to ensure that that vimeo.
Companies that are building. These shanahan models can you just discuss briefly your sort of your vision for.
Speaker Change: Vimeo in the enterprise as the most secure the most scalable API driven that its really interfacing into that like things like the directory services. These enterprises and helping these organizations manage their video assets at scale.
Speaker Change: For Vimeo and this broader gen AI ecosystem and what it can mean for the business and how you think about maybe licensing content and things like that.
Speaker Change: We proudly serve some of the most demanding professional creators in the world. Some of those sometimes those professionals are in their dorm room, sometimes they are filmmakers sometimes they're inside of some of the biggest companies in the world. They want their video and their creative completely protected and trusted by somebody that.
Speaker Change: Great. Thank you and just one more question you.
Speaker Change: You mentioned it briefly before but.
Speaker Change: So we've seen a number of media companies looking to monetize their content via Gen. II in GBS via partnerships with some of these.
Speaker Change: Companies that are building these shanahan models.
Speaker Change: Can you just discuss briefly your sort of your vision for.
Speaker Change: It is not going to turn around and provide that video to AI.
Speaker Change: For Vimeo and this broader gen AI ecosystem and what it can mean for the business and how you think about maybe licensing content and things like that.
Speaker Change: We took a strong stance that we are going to be the trusted place that that creators can come whether or not you're inside of the largest companies or whether or not you're on your own you can come in and have your video protected by Vimeo and make sure. It's distributed just the right person now that position is really important, especially in the world of artificial intelligence not just will we allow.
Speaker Change: We proudly serve some of the most demanding professional creators in the world. Some of those sometimes those professionals are in their dorm room, sometimes they are filmmakers sometimes they are inside some of the bigger companies in the world. They want their video and their creative completely protected and trusted by somebody.
Someone to crawl the video, it's actually gets down to something more fundamental how do we the AI that we add into our into our product how do we make sure that your AI intelligence that you have when you're you're a video is just yours. If you make your films a certain way and you have a certain storyline, we're going to protect your storylines near filmmaking.
Speaker Change: There's not going to turnaround and provide that video too to AI.
We took a strong stance that we are going to be the trusted place that that creators can come whether or not you're inside of the largest companies or whether or not you're on your own you can come in and have your video protected by Vimeo and make sure. It's distributed just the right person now that position is really important, especially in the world of artificial intelligence not just will we will.
<unk> in your way if youre a large a learning organization inside of a company we're going to protect those video assets. If you have put your CEO. Your most important CEO messages on video, we're going to protect those assets as well and make it easier and easier for you and more intelligent.
Speaker Change: Someone to crawl the video, it's actually gets down to something more fundamental how do we the AI that we add into our into our product how do we make sure that your AI intelligence that you have on your Europe.
Speaker Change: Exciting thing about this as mentioned is that tome of video is growing inside of both insight for the creator community as well as inside of the enterprise and so we think that we can actually make something thats really personal and simultaneously scalable around the world. We serve video and over 190 countries today as I mentioned, we get over.
Speaker Change: Video is just yours, if you make your films a certain way in but certain storyline, we're going to protect your storylines near filmmaking techniques in your way if youre a large E learning organization inside of our company, we're going to protect those video assets. If you have put your CEO. Your most important CEO messages on video we're going to protect those asked.
Speaker Change: Manage over 50 billion views, we over 8 billion minutes of video and we think organizations. What we're seeing right. Now is are companies are coming to us because they don't trust the public sites the free sites with their video they actually trust Vimeo to do this for them and that's why we're so excited about the growth in that business and across the entire business.
Speaker Change: As well and make it easier and easier for you and more intelligent.
Speaker Change: The exciting thing about this as mentioned is that tomo video is growing inside of both insight for the creator community as well as inside of the enterprise and so we think that we can actually make something thats really personal simultaneously scalable around the world. We serve video and over 190 countries today as I mentioned, we get over.
Speaker Change: Great that makes a lot of sense. Thanks, so much for Tun. Thank you.
With that there are no further questions I will pass the call back to Philip.
Philip Meyer: I just wanted to thank everybody I want to thank all the team here at Vimeo for the strong work that we had this quarter and the results that youre seeing and I look forward to spending more time with you next quarter.
Speaker Change: We manage over 50 billion views, we over 8 billion minutes of video and we think organizations. What we're seeing right. Now is our companies are coming to us because they don't trust the public sites the free sites with their video they actually trust Vimeo to do this for them and that's why we're so excited about the growth in that business and across the entire business.
Speaker Change: Yeah.
Speaker Change: Great that makes a lot of sense. Thanks, so much for time. Thank you.
Speaker Change: With that there are no further questions I will pass the call back to Phil.
Phil: I just wanted to thank everybody I want to thank all the team here at Vimeo for the strong work that we had this quarter and the results that youre seeing and I look forward to us spending more time with you on next quarter.
Phil: [noise].
Speaker Change: Sure.
Phil: Okay.
Phil: [music].
Speaker Change: Yes.
Phil: Okay.
Phil: [music].
Phil: Okay.
Phil: Yes.
Phil: Okay.
Phil: [noise].
Phil: Yes.