Howard Hughes Holdings Inc.

All right. Good afternoon, everyone. Hope everyone had a good lunch. I'm Michael Byrd, MidCap Analyst here at Wells Fargo. I'm pleased to be joined here with the CEO of Vimeo, Phil Moyer. Phil, thanks for joining us today. Thanks for having me. Absolutely. Hope you're enjoying the nice weather here in California. It's been fantastic. Absolutely fantastic. Awesome. Well, I think a good place to start for me and the rest of the audience, for those who may not be familiar with the Vimeo story, just maybe give a quick background of Vimeo. I think we've all seen, you know, the consumer facing videos, but maybe just give a broader sense of what the business is today and where it's going.

Sure. So Vimeo is a 20 year old company. We just actually celebrated our 20th year anniversary. We're a little bit older than YouTube. We invented the like button a long time ago on the internet, four years before the Facebook had it. So we created that little heart. And we were known for a long time by filmmakers and movie makers for high quality videos. So people would upload videos to a store and then serve that video to whoever. And over time, the business has gone through many different business models. It spun out of IAC. And it IPO-ed kind of at the peak of COVID with video. And we had a lot of focus on things like live meetings. We had a lot of focus on things like serving up kind of almost like a television channel in some cases. We bought some creative tools. And some of those models just didn't pan out. I came in approximately eight months ago with a very, very significant focus My background is enterprise computing. I worked for Google, Microsoft, and Amazon over the years and have a very, very specific focus around taking what is a great self-service business and taking it into the enterprise. And so today, just to kind of give you a perspective, Vimeo gets about 100 billion views of video around the world. Only 20% of those videos are on our site. The 80% are in other sites. And so when you go to many, many sites around the world, you're actually looking at Vimeo videos. You're looking inside of e-commerce sites, in learning systems. You might be looking at municipal government websites, and you're seeing videos. And so the business has moved from being kind of primarily a self-service up into this enterprise business.

And so maybe I'll just touch on enterprise. What's the fundamental difference between what a prosumer wants to upload a video to YouTube versus the enterprise business? And maybe the enterprise business is now a $100 million business, over 10% of the overall revenue mix, growing much faster. What are the use cases within enterprise beyond some of the ones you mentioned? I think we were discussing earlier, you mentioned something like a hospital, but maybe help educate us what some of these enterprise use cases are that gives you confidence, that market is ripe to sell into.