Vimeo may be a latecomer to the live streaming market, but it hit the ground running with today’s announcement that it had acquired Livestream, the platform that carries more than 10 million live-streaming events every year.

Vimeo also announced Vimeo Live, its own live 1080p streaming service. Once the Livestream acquisition closes, which is expected to happen in the early fourth quarter, that platform’s capabilities — including the Mevo camera and Studio production switcher — will be integrated with Vimeo, the company said.

“We are excited to take a leadership role in this large and growing market, and look forward to quickly making our mark,” said Vimeo CEO Anjali Sud in a prepared statement.

Vimeo Live

While streaming via Vimeo live is limited to HD resolution, the company said, archived video version of live events can be replaced with 4K files for purchase or rental. The current roll-out requires live videos to be embedded using the Vimeo player, but the future Livestream integration will allow distribution to social media platforms including Facebook, YouTube, Twitch and Twitter, the company said.

Also coming up is integration with OTT delivery, allowing live content to be served to viewers through branded apps in iOS, Android, Roku, Amazon and other OTT platforms.

YouTube will retain its massive audience advantage, but the acquisition of Livestream gives Vimeo a well-known and robust set of tools for live-streaming that should continue to keep it positioned as a premium service with more advanced monetization options than its competition.

Vimeo Live: