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Hopin’s unicorn rollercoaster journey was coming to an finish when Italian firm Bending Spoons swooped in and bought StreamYard and its two remaining product strains.
Miguel Neves
Know-how firm Bending Spoons will purchase Hopin and its current StreamYard, Streamable and Superwave product strains. Hobin introduced the acquisition on Tuesday. The deal focuses on the StreamYard product and consumer base, which Hopin acquired in January 2021 for $250 million.
“Our objective is to leverage our experience and expertise to take StreamYard’s distinctive options to the following degree,” Luca Ferrari, co-founder and CEO of Bending Spoons, mentioned in an announcement.
Milan-based Bending Spoons confirmed the settlement however didn’t disclose monetary particulars. Hopin closed its UK entity in February, shifting all operations to the US and altering its title to StreamYard Prime Corp.
On the top of the COVID-19 pandemic, Hopin was valued at $7.75 billion. The corporate spun off its occasions enterprise in August 2023.
“Our crew has constructed an unbelievable model, expertise and world neighborhood throughout our product suite consisting of StreamYard, Streamable and Superwave. We’re grateful to our crew and clients and stay up for watching Bending Spoons’ enterprise and product growth to the following degree.
Rajasekar joined Hopin after Jamm, the video expertise firm he based in 2019, was acquired by Hopin in March 2021.
Get to know the curved spoon
The corporate has acquired greater than $700 in funding. The most recent spherical of $155 million in fairness financing was raised two months in the past, with a post-money valuation of $2.55 billion. On the time, the corporate projected gross sales of $500 million this yr and $360 million in 2023. Bending Spoons has publicly expressed its need to accumulate expertise firms.
Bending Spoons is primarily an app firm. It is best recognized for its photo-editing app Remini, which just lately topped the App Retailer with synthetic intelligence photographs. It additionally owns the social gathering app Meetup, which it acquired in January this yr, and Evernote, which it acquired in November 2022. The corporate was based in Copenhagen, Denmark, in 2013 and moved operations to Milan, Italy. 4 of its 5 founders are Italian.
StreamYard will complement Bending Spoons’ product lineup, which incorporates cellular video modifying app Splice, which GoPro acquired in 2018 and bought in 2016. US {dollars}, together with Hollywood actors Ryan Reynolds and Kerry Trainor. In March, Bloomberg reported the corporate was involved in buying Vimeo.
Revenue-focused enterprise mannequin
The enterprise fashions for a few of the merchandise Bending Spoons has acquired embody limiting free merchandise, elevating costs and changing one-time charges with subscriptions. The modifications induced outrage amongst some customers. For instance, it just lately strictly restricted the provision of the free model of Evernote to 50 notes. It additionally considerably elevated subscription costs, main customers to specific issues about its enterprise mannequin. Via the recording app Filmic, which it acquired in September 2022, it modified the pricing mannequin for brand new customers from a one-time fee to a subscription.
The corporate has additionally made layoffs at a number of acquired firms to streamline its workforce. After buying Evernote in November 2022, TechCrunch reported shedding 129 staff in February 2023. The identical sample occurred with Filmic, the place Bending Spoons laid off its total employees in December 2023 after buying Filmic in September 2022.
StreamYard’s present customers (which totaled 100,000 when it was acquired in 2021) could also be bored with the value modifications affecting them. The platform is widespread for supporting digital occasions and reside streaming.
It is unclear what Bending Spoons will do with Hopin’s different two product strains: video internet hosting platform Streamable and the just lately introduced social platform Superwave.
Bending Spoons didn’t reply to Skift Conferences’ request for remark.