A video conferencing software like Zoom is the new meeting room. For many organizations, Zoom Meetings became a refuge for collaboration and cross-border communication needs during the pandemic. Undeniably, the COVID-19 forced digital transformation in many organizations across various industries.
Shifting to digital allowed companies to operate remotely. That said, companies made use of collaborative and project management platforms to ensure productivity. And Zoom Video Communication is not an exemption. In fact, it is one of the technology companies that experienced a drastic surge in adoption.
Investors did not turn a blind eye to Zoom’s rising popularity. Inevitably, the company stocks just shot up like “Zooooooom!” After the big leap, the media referred to Zoom’s rapid success during the pandemic as the ‘Zoom Boom’.
Zoom unprecedentedly took the spotlight in 2020. Unlike other communication platforms in the market, Zoom stands out with its crisp and reliable video conferencing service. Moreover, Zoom is a video-first platform. This means that Zoom highly prioritized video collaboration development over voice or chat features.
Zoom’s reliable video conferencing system and free-to-use platform attracted many users all over the world. Not for long, Zoom reached 300 million daily meeting participants, a big jump from 10 million in December 2019. Then, while many businesses and industries recorded a loss, Zoom profited during the pandemic crisis.
Video Conferencing obviously is not something new. However, during the lockdown and quarantine, where most are confined within the walls of their residence, technology became the sole refuge. Considering the fact that the closest to an in-person conversation is through a video call. Since then, Zoom became a buzzword and a household name.
There exist an unprecedented demand for collaboration tools that Zoom was capable of offering. Plus, Zoom offered it for free. The company grew in popularity and its user base due to its ‘freemium’ business model where Zoom made its service accessible and free for 40-minutes video call with a maximum of 99 participants.
Apptopia, an app tracking firm revealed that Zoom was downloaded more than 3 million times on a single day worldwide on 23 March. It was the same day of the UK lockdown announcement.
Aside from being commonly used for work, Zoom has been the go-to platform to connect with friends and family during the lockdown. Furthermore, as most activities moved online, the cloud-based platform was used to host virtual classrooms, church services, and other meet-up events.
The Zoom Boom is very much related to Zoom’s stock price spike. In the last quarter of 2020, Zoom’s stock price rose 569%, and its market cap reached $129 billion. The nine-year-old company became worth more than tech giant IBM.
Eric Yuan, Zoom’s founder, became part of the wealthiest people in the world in 2020. Eric owns 20% of the company shares. He increased his net worth of more than $4 billion since the coronavirus outbreak.
For the record, Zoom’s price skyrocketed last year; and investors continuously monitor its performance this 2021. At the time of writing, Zoom’s current price is at 389$ per share. While it is true that video collaboration still plays a massive role a year after, Zoom’s rivals are aggressive in attaining a portion in the market. Hence, Zoom faces a stiff competition.
After an accelerated growth last year, Zoom focused on innovation and platform enhancement — especially in scalability and security matters. Furthermore, the leading video conferencing brand wanted to ensure they retain their newly-acquired customers for the long term.
According to Zoom’s official blog, Zoom released 400 features and several Zoom offerings in 2020. The company introduced the following: Zoom apps and OnZoom marketplace, Zoom for Home, Zoom 5.0 and end-to-end encryption. Recently, Zoom added more.
Some of the remarkable features native to Zoom are the virtual background, content watermarking, and a full gallery view allowing up to 99 participants. At present, Zoom also continuously introduces new features that will ensure the best possible experience and security.
Looking back, 2020 has taught us that things can change. And we witnessed how all fast we all adapted to the new normal. Finally, technology is a great tool in aiding people’s need for communication and human interaction. Communication will always remain essential for any business — more importantly for one’s own well-being.