Vimeo commits $10M fund to films that would be exclusively distributed through Vimeo on Demand
A new $10 million fund has been unveiled by Vimeo to encourage filmmakers to distribute their content exclusively for a specific time period through Vimeo On Demand, TechCrunch reported.
Cash payments and related services, such as the development of a website and translation, will be taken from the $10 million fund. The platform Vimeo On Demand was rolled out last year to get creators to be paid when users view the films they have made. The video distribution platform also offered some indie filmmakers with advances worth $10,000 to get exclusive distribution rights to films featured in the Toronto International Film Festival last fall. In January Vimeo also unveiled a $500,000 program for films participating at the Sundance that were crowdfunded, the report said.
The response for its most recent effort to build the portfolio of exclusive content offered on its platform has been very good so far. Vimeo General Manager Greg Clayman told TechCrunch that they have received "a tremendous response" to their initiatives with hundreds of films already signifying their intention to be part of the program, Clayman said.
According to Clayman, the new $10 million fund serves to further expand their previous efforts. That would mean that the video distribution platform will continue its program of paying films that would be able to have their crowdfunding campaigns funded with at least $10,000. They would also continue to pay for films that would make it as one of the "20 leading global film festivals." Indie filmmakers better make good films, though, because VImeo said it will only back "quality individual titles and catalogs suited to Vimeo's unique audience," the report said.
Vimeo Chief Executive Officer Kerry Trainor thinks that the ad-based video platforms like YouTube will still remain. However, he also thinks that a "huge undeveloped opportunity for paid distribution" exists and this is what his company is trying to capitalize on with the new fund, the report said.