Vimeo, the world's largest ad-free open video streaming platform owned by Internet company IAC (IAC - Get Report) , announced on Tuesday that it has signed an agreement with Livestream, a leading live video platform.

Following the completion of the deal, Livestream will be integrated into Vimeo's platform, allowing publishers to capture, edit, stream, and archive live events. They will also be given the opportunity to monetize said videos.

The new product will be called Vimeo Live, a product offering professional live streaming via its platform for the first time.

"Live streaming is the #1 request from our creator community this year, and we're focused on bringing a new level of quality, convenience and craft to this evolving medium," said Anjali Sud, CEO, Vimeo.

"With the launch of Vimeo Live and the addition of Livestream's impressive team and innovative product suite, we can empower a diverse range of creators to produce beautiful live experiences with professionalism and ease. We are excited to take a leadership role in this large and growing market, and look forward to quickly making our mark," Sud added.

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