Well, I think there is no one out there who is working but not heard the name of Zoom. From students to office workers, it has become a common virtual workplace. Who could have thought that such a world would be contracted to a small screen and to a small video meeting platform. Almost every big company has its own video meeting platform, be it google or Microsoft. But the growth that Zoom has shown in the recent years is really remarkable and incredible.
What makes them so special to rule over this industry??
Growth in the market:
When there are new customers out there then they don’t need to worry for the growth. When the online market was increasing its expand then new customers will be more too.
The company started in April,2011. Initially, it called to be Saasbee. They soon changed it into Zoom Communications. And then ultimately to Zoom Video Communications. It has been released before Apple launched their face time app and Microsoft decided to buy Skype for $8.5 billion. Zoom has been growing so much especially during this social distancing thing.
People using this app have increased so much in the number.
Easy to learn and use:
If you have used other video meeting apps, then you would be able to compare Zoom to them. It’s quite obvious how Zoom is more convenient to use than other apps. It is easy to learn and has more features. The closest substitute that it has is probably Google Meet but still ZOOM will be ZOOM.
It’s stock price has also increased from June 2020 that was $68 to over $200 till this date. It is unclear whether it would stay at this height or not.
Zoom came from the vision of a man named “Eric Yuan”. He is the perfect leader and has been the CEO of the company ever since.
He is originally from China. He had this idea when he was in the college and wanted to meet his wife. But he had to take 10 hour long train to get to meet her. He despised that idea and started to think whether there could be a better way out there. He wanted to work in the Silicon Valley after keeping that thought in his mind. Though he was denied for the American VISA for about 9 times but he still did not give up. Eventually, he got the VISA and found the job of software developer despite not being influent in English. He worked at a small company called WEBEX. They soon become known for their communication services.
Cisco acquired Webex for more than $3 billion. Eric Yuan became the vice president of the communication services department then. He quitted his job after the company started to ignore that department. He decided to make his own company which would be customer-oriented company. This is the another trait of Zoom that it has been providing the customer oriented services.
With the success of the company, Eric Yuan has become one of the richest persons out there with network in billion dollars. Eric Yuan identified a growing market and applied his passion and experience into creating a customer oriented highly accessible service because of that they’ve been able to attract investors and steadily grow into a multi-billion dollar industry leader and then on top of that in 2020 when the demand reached unexpectedly high levels they were in a position to take advantage of it. Zoom has been growing at an unexpected rate since then. !!