In 2007, it became the first online video sharing site to support HD playback for consumers, updating to 4K playback in 2016. Vimeo's app has also been updated to allow recording and live streaming as well as watching video. This service is aimed predominantly at enterprise customers although they have millions of small-time users too.

Vimeo has risen to become the world's biggest ad-free open video platform, with significant funding that has allowed it to expand operations and build up the business. Recently, however, the company has found itself struck by the effects of the economic downturn felt by much of the industry, and has been forced to reduce its workforce - a step taken to ensure it comes out of this rough time "a stronger company". On top of this, it received a hefty fine for failure to remove copyrighted content back in 2019, after losing an appeal against the initial ruling.

In 2024, Vimeo is rumoured to be in the process of acquisition by leading mobile app developer Bending Spoons, which could signify a major shift in the tech landscape.