Online video portal Vimeo has officially scrapped its plans to enter the SVoD market.

“Vimeo has confirmed that it has decided not to proceed in offering a subscription based original programme service scheduled to begin in 2018,” a spokeswoman told The Hollywood Reporter.

The report added that Vimeo will be dissolving the entire associated development team, despite having publicly committed to spending “tens of millions” on an on-demand service just 6 months ago.

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