VivaVideo has decided to abandon its plans to expand into the video production industry.
In an internal memo to employees, the video maker wrote that “we’re seeing a large amount of interest from smaller and more niche businesses looking to enter the video market” that could provide opportunities for them.
The company said it has “identified a few small and promising businesses that we feel are going to provide opportunities to our customers.”
“In order to expand, we need to find new ways to drive engagement, grow, and become more successful than we are today,” the memo continued.
“The key to success is being patient and being willing to take a little longer to learn.
We’ll continue to focus on growing VivaVid as we grow, but we’re going to focus less on building and expanding our existing product.”
“We’ve identified a few smaller and promising companies that we think are going for opportunities to expand,” the company said in its internal memo.
“We are very disappointed to see them disappear from the market, but this is something that we’ll be looking to address as we move forward.”