Vimeo takes over AI powered startup Magisto

Vimeo wants to offer creators with more tools to edit and bring out their videos. As part of its efforts, the company has acquired Israel-based video-creation start-up Magisto. As TechCrunch reports, Magisto boasts over 100 million users and provides tools to create and edit short-form videos, complete with music sourcing, stock photos, and other elements required to make visual content.

Under the agreement, the two companies will work together to develop new short-form video creation capabilities for Vimeo that has 90 million members in over 150 countries. With the agreement, Vimeo strategy is to position itself as the one-stop destination for companies into video publishing and help it gain bigger margins per customer by providing more services.

In addition to developing new tools, Vimeo integration will be added to Magisto to publish and monetize videos that are currently created on Magisto. (ANI)

(With inputs from agencies.)