It appears that Vimeo is looking to get into the online video streaming game as well to go up against the likes of Netflix and Hulu. According to a report, the company has declared its intention to launch a streaming service of its own in a letter sent to its shareholders. The letter comes from interim CEO Joey Levin who adds that the company will be able to run its streaming service at a “fraction of the cost” of its rivals.

According to The Hollywood Reporter, the interim CEO writes in the letter that “Vimeo has the once-in-a-generation opportunity to, following in Netflix’s footsteps, deliver compelling subscription viewing experiences for consumers in the market for pay TV.”

He explains that the company will be able to run it at a fraction of the cost because it won’t have to pay massive sums of money for programming and that it won’t need to start from square one.

That’s as vague as you can get about an upcoming service. The letter doesn’t reveal a name and doesn’t mention what sort of content Vimeo’s service will offer. It doesn’t even say how much the service is going to cost.

It’s unclear when Vimeo is going to officially introduce this service so we’ll keep our ear to the ground for more information.

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