The YouTube competitor had been popular among some for its more social aspect.
Despite raising a significant amount of capital in funding since the site was first launched in 2014 co-founder Warren Schaeffer announced that Vidme “couldn’t find a path to sustainability” and will be shut down its user-generated content section in 2018.
We’re sad to say that Vidme will be suspending services soon. Read our blog post for details: https://t.co/oAtwsn61NK
— Vidme (@vidme) December 1, 2017
“We were confident we could create a new type of video platform”, Schaeffer explained. “One that was more community-oriented, more transparent, and more equitable to creators.
“Although we still believe that the world would greatly benefit from a creator-first video platform, we weren’t able to find a path to financial sustainability.”
My last video has got like 10x the views on Vidme compared to YouTube. Obviously the competition is a lot less. Easier to get seen.
— Will McDaniel (@will_mcdaniel) March 27, 2017
The announcement has come as a surprise with the statement and final site closure taking place within just fifteen days. Subscriber billings were immediately halted and a set timeline was released for how the site closure will proceed via blog post.
Existing videos will be playable and exportable for creators until December 15th. After that all videos will be permanently deleted from the site. While several YouTube competitors have been touted in the past, the past year for Vidme seemed promising. Creators welcomed the more organic and less intensely populated space to grow and engage with fans.
Both. On Youtube I have 750,000 subs still so I can't waste that. But I like how non-corporate Vidme is.
— David Firth (@DAVID_FIRTH) April 13, 2017