With this enterprise market in mind, Zoom continues to face competition from bigger, established names in the business sector, including: It will focus efforts on converting monthly business subscribers to annual contracts, IBD says. It earns about 50% of its revenue from monthly business and individual subscribers, IBD reports.Īs employees return to offices and family and friends begin gathering in person, Zoom will continue to focus on enterprise accounts that provide $100,000 in annual recurring revenue. The number of meeting participants worldwide rose by 2,900%, Business of Apps reported.Īlthough Zoom emerged as a platform for face-to-face virtual communication between family and friends during the pandemic, it was launched as a business app. Zoom had carved a place as the go-to source for work-at-home employees and family and friends desperate for social interaction during the COVID-19 pandemic and resulting quarantine that began on March 19, 2020, with California as the first state to issue a stay-at-home order. In March 2020, the company logged 200 million daily users, CNBC reported.
The company raised $752 million from its initial public offering, according to Investor’s Business Daily.īut it was nearly a full year later that the video conferencing app began to show its real potential.
The company went public on April 18, 2019, with the stock closing up 72% from the opening bid and trading at $62. It quadrupled those numbers by February 2015. By June 2014, users had zoomed up to 10 million.
The business app showed promise, with a million Zoom users logged in by May 2013, according to the Business of Apps website. The company, founded by Eric Yuan, changed its name to Zoom Video Communications in 2012 and launched the Zoom video conferencing app in January 2013.
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