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Increasingly often, when people talk about a Zoom meeting, they are actually talking about a video conference using technology from another company, such as Bluejeans or Microsoft Teams or the various other solutions floating around.
After a meteoric rise which saw from company grown from 10 million daily participants in December 2019 to 300 million in April 2020, the company has been beset by security and privacy issues, and has been banned by a number of governments, companies and institutions.
In a statement today the company admitted that April, now more than a month in the past, was a high watermark for the company, saying:
“We peaked at over 300 million daily participants, free and paid, joining Zoom meetings in April 2020, up from 10 million in December 2019.”
Zoom’s waning popularity is reflected in part by its Google Trends search interest graph, which shows a rapid decline following its April peak.
Of course, the number of users tells only a small part of the story – more important is the revenue generated, and Zoom today announced that their revenue grew 169 percent from last year to $328.2 million.
Zoom also reported that despite the easing of stay-in-place restrictions, they continued to see “elevated levels of participation”, suggesting the company has managed to lock in some of their new-found customer base into long term paying customers, with Zoom announcing their number of customers who have more than 10 employees grew by 354 percent to 265,400.
It remains to be seen if Zoom can hang on to those companies however, with increasing competition from Microsoft’s Teams product, which is rapidly closing the feature gap.
Zoom’s full earnings release can be read here.