IAC has announced it will spin Vimeo off as a fully independent, publicly traded company.

Vimeo is a video hosting platform that serves as a major competitor to YouTube, with some 200 million users. Like many streaming platforms, Vimeo has experienced major growth as a result of the pandemic.

IAC is now planning on capitalizing on that success, spinning off Vimeo as an independent company.

“The combination of Vimeo’s remarkable growth, solid leadership position, and enormous market opportunity have made clear its future,” said Joey Levin, CEO, IAC. “It’s time for Vimeo to spread its wings and become a great independent public company.”

“We have long believed in the power of video to advance human expression and transform businesses,” said Anjali Sud, CEO of Vimeo. “Today we have a rare opportunity to help every team and organization in the world integrate video throughout their operations, across all the ways they communicate and collaborate. Our all-in-one solution radically lowers the barriers of time, cost, and complexity that previously made professional-quality video unattainable. We’re ready for this next chapter and focused on making video far easier and more effective than ever before.”

IAC expects the spinoff to be completed in the second quarter of 2021.