Despite the potential security concerns, Zoom’s growth carried on unimpeded as it becomes clear that COVID-19 is here to stay.
The pandemic threw the value of remote working solutions into sharp relief. It also strengthened the earnings of innovative video messaging app Zoom, causing it to be one of the most popular video conferencing solutions in April 2020.
In the last week of March, 3.2 million people downloaded the Zoom app, far outstripping the growth of seasoned players such as Microsoft Teams and Google Meet.
Zoom had arrived on the world stage, and everyone was fascinated. The meteoric rise to fame was impressive. The CEO, Eric Yuan, had a compelling story, but it wasn’t long before security flaws began to show.
Zoom’s 2020 rollercoaster ride had started. “Zoombombing” attacks, where internet trolls hijack a call, may have derailed a lesser player. In our case, Zoom went on to become even stronger.
Despite the potential security concerns, Zoom’s growth carried on unimpeded. As it becomes clear that COVID-19 is here to stay, well-built video chat solutions such as Zoom are useful tools.
According to Eric Yuan, Zoom’s revenue grew by 355 per cent between August of 2019 and July of 2020. Analysts predict a further 454 per cent growth in turnover between August 2020 and July 2021.
Is that a realistic prediction? At first glance, it isn’t, but let’s not count the company out just yet. Instead, let’s analyse how they got to where they are, what we can learn, and if their growth is sustainable.
(Original shared on E27.co
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