Targeted at millennials, the site is a new video news network focused on covering technology companies like Google, Apple, Netflix and Tesla, as well as innovative products, new technology and services. Content includes live and on-demand broadcasts from the floor of the New York Stock Exchange, NASDAQ Marketsite and other field locations.
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Until now, the site has streamed videos for free via Facebook Live and on Cheddar.com. Earlier today Vimeo announced it is partnering with Cheddar to offer exclusive content on Cheddar.TV via subscription, priced at $6.99 a month. Brief clips will still appear on Facebook for free, but longer content including full-length CEO interviews will be exclusive to subscribers, says the Wall Street Journal.
Vimeo CEO Kerry Trainor commented on the new partnership:
“Fundamentally, Vimeo is about empowering creators of all sizes and all genres to reach their audience directly in a high-quality environment free of any interruptive advertising. While certainly we have a great background in comedy, in filmmaking, and in animation, to have a category like financial news has so much opportunity when presented to a young audience in a very high-quality way that people will be willing to pay for. We also think it’s a great fit for our platform,” said Trainor.
The new streaming Cheddar.TV is available on iOS, Apple, TV, Roku and Chromecast so far, and content can be watched directly from Vimeo’s mobile site or the Vimeo app. Users cannot permanently download a video on their phones, but using the app, they can save videos for offline viewing. According to the Journal, CEO Steinberg is hoping to sign up “thousands and thousands” of subscribers during the early months of the subscription product while keeping staff lean and costs low.
So what does Vimeo get out it? Exposure to potential creators who may want to use the Vimeo platform to create their own streaming subscription channels and $1 of revenue per subscription from Cheddar. With a monthly subscription of $6.99 for Cheddar, Vimeo’s cut is about 14 percent, dramatically less than companies like Amazon who gets 50 percent for similar subscription partnerships.
First, we love the idea of Cheddar, tech, media, culture and financial news targeted to a specific audience, the coveted millennials. Smart. Cheddar started out slow by launching its product online, building a library of streaming video content, and growing an audience before adding exclusive content and a subscription component. Even smarter. Now Cheddar has paired with a partner, Vimeo, that will help it grow its audience while sharing in the revenue. Brilliant.
It reminds us of The Skimm, millennials who had an idea, a plan and the drive to see it through. They created a niche, filled it and have grown it to the point where they have millions of free subscribers. The Skimm has recently added a paid subscription app to help fuel additional growth. Cheddar is following a similar path, and we are excited to see how the company grows.
~ Dana E. Neuts, Senior Staff Writer, Subscription Insider