![]() ![]() In a time where people started to resort more and more to audio and video conferencing for communication, Zoom made sure to “put resources in bolstering its capabilities during this high usage time” (CNBC, 2020). One of the reasons for this is Zoom’s technology which guarantees that its servers aren’t maxed out. With Google Hangouts, Microsoft Teams, Cisco WebEx, GoToWebinar and several other available technologies, Zoom still managed to hold 36% of the market share (Datanyze, 2020), making it the most used platform for video and audio conferencing. In web conferencing, many companies provide their services, so one might wonder how Zoom became so popular in spite of the preexisting competition. In the context of higher education, the pandemic has caused sudden changes and professors, some of whom never taught online, had to find creative, engaging, and reliable ways to conduct classes. In addition, Zoom’s “revenue for the quarter ending Jwas $0.664B, a 355.01% increase year-over-year and the revenue for the twelve months ending Jwas $1.347B, a 190.37% increase year-over-year” (Macrotrends, 2020). Today, its market cap is estimated to be $159 billion (Macrotrends, 2020). In April 2020, this number jumped to over 300 million daily meeting participants. It increased in popularity as years went on and by December 2019, it had around 10 million daily meeting participants (Evans, 2020). It soon became obvious that Zoom was going to attract more and more investors and that its customer base was going to grow. However, there had been so much speculation on its profitability that it was trading up to more than 70% of its IPO (Novet, 2019). During its first day of trading, its initial price offering (IPO) was $36 a share. Zoom became a public company listed on the Nasdaq stock market in 2019 and had a stock market value of $15.9 billion (Novet, 2019). When the first version of the application was released in 2012, only 15 people could be on a video call at once. It seemed that the market was already saturated, but Yuan took the risk of leaving his job at WebEx to start his new company. At that time, there were already existing applications such as Skype, WebEx and BlueJeans. The company launched its video conferencing platform back in 2012. Zoom Video Communications, Inc., started under the name Saasbee, is a company that was founded by CEO Eric Yuan in 2011 (Konrad, 2020). ![]()
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