Vidme, a video-sharing website that portrayed itself as a mix of YouTube and Reddit, will close down in the not so distant future, founder Warren Shaeffer wrote in a blog entry Friday. The site will stop taking uploads as of now, and the remaining videos will be viewable and exportable until December 15, 2017. Paid channel memberships will also be suspended. Vidme has raised more than $9 million from investors since it launched in 2014.
“Few advertisers are willing to negotiate direct deals with platforms that don’t have enormous scale, meaning ad-revenue rates are lower for newer platforms,” Shaeffer wrote. “In turn, there’s less overall revenue to be shared with creators, which means creators are less likely to support newer platforms for a sustained period of time.”
He also mentioned that brands want their content to appear in safe environments, and that the company didn’t have the resources to tackle that problem. “Unfortunately [brand-safe content] is a subjective designation, which is difficult to define and enforce.”
The digital video scene has changed radically since Vidme’s entry in 2014. In its own words, YouTube was the sole video service for creators hoping to make money from their work when it arrived on the scene. In those days, the young startup’s attention on patronage—with the presentation of regular tools, for example, tipping and paid subscriptions—helped it accumulate 1 million uploaders. In the interim, its community approached gathering client recordings into curated classifications, including gaming animation, “weird wide web,” and films.
Shaeffer referred to the trove of client information that Google and Facebook gather as putting free organizations like Vidme off guard, and the issue of scale. The startup watched as Vine went away, as did NBC’s comedy-oriented Seeso, and Verizon’s vertical video-centric Go90 struggled—none of which were small time. The organization guarantees another item one year from now, and claims to be in discussion with creator-focused firms to incorporate its innovation and perhaps revive its platform.