NEW YORK (TheStreet) -- As the market for online video streaming becomes more competitive, Vimeo, a site owned by Barry Diller's IAC Interactive (IACI) , is preparing to start a subscription-based service that would generate additional revenue to acquire original content and attract new viewers.

Vimeo Chief Executive Kerry Trainor stopped short of divulging details of the subscription model but did say that producing and acquiring original content was the main reason for creating a new revenue stream within the site.

"YouTube (GOOG) - Get Report has demonstrated the 'Broadcast TV' phase of the Internet," Trainor said. "We are really the only other free-standing video-sharing platform with any scale, and the content you will find on video with us will liken more to a premium film or cable TV experience."

Vimeo has had success with the company's first original show, High Maintenance, a comedy about the interactions between a marijuana dealer and his customers, and would like to replicate that achievement with similarly edgy original programming.

Acquiring content to differentiate Vimeo from other Internet-based video services such as Netflix (NFLX) - Get Report and Time Warner's (TWX) HBO Now offering, slated to go live next month, is no longer a luxury, it's imperative, Trainor said. It's also essentially that the content look good on mobile devices of all shapes and platforms.

"The foundational point for many viewers now is that they expect any video they want on any device at any time they want it," Trainor said. "We see ourselves playing a key role in all of this."

Vimeo doesn't disclose its earnings figures, but IAC did report that the site's fourth-quarter revenue rose 30% from the same period a year earlier. The company makes money from individuals and businesses that pay to use Vimeo's publishing tools, and by taking a 10% cut from sales of on-demand content published by developers. Trainor said a subscription version of Vimeo's site is a natural "next phase" in the company's plans.

The subscription revenue model for video-content sites like Vimeo is in its early stages, but some analysts say that subscriptions may eventually become a viable revenue stream for Vimeo.

"At some point soon, it's likely that these smaller players, including individual channels on Vimeo and YouTube, will evolve into a business model a bit like cable today," said James McQuivey, a media analyst with Forrester Research. "Those pennies [earned per subscriber] might add up over time."

Still, with many over-the-top services already charging monthly fees, concerns have been raised about the willingness of consumers to pay for more content outlets. Nonetheless, Trainor said Vimeo is unique enough to make subscriptions work.

"The key differentiator for us, is that we are a connector storefront," Trainor said. "We view the subscriber opportunity in the same way. The end game isn't one Vimeo subscription product, as our open-platform capability sets us apart."

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.