Zoom drops 'Video' from its name, repositions as AI-first company
In a major rebranding move, Zoom has announced that it will no longer be using the word 'Video' in its official name. The company will now be called Zoom Communications Inc., instead of Zoom Video Communications Inc. The change was announced by CEO Eric Yuan in a blog post on the company's website. Yuan described the new Zoom as an "AI-first work platform for human connection" that provides "modern, hybrid work solutions."
Zoom's evolution amid changing work dynamics
The rebranding signifies a stark contrast from Zoom's meteoric rise in 2020 when it became the poster child of video conferencing amid the worldwide transition to remote work. But as employees return to offices and battle competition from tech giants such as Google, Microsoft, and Slack that provide video features in their office suites, Zoom is changing. The company wants to be more than just a video conferencing platform by providing complete communication tools.
Zoom's growth trajectory and future predictions
Despite witnessing its revenue quadruple by the end of 2020, Zoom's growth projections have been less rosy since early 2022. Wedbush analyst Dan Ives had predicted that companies like Netflix, Facebook, Zoom, and Peloton would see a major drop in growth. The prediction appears to be coming true for both Peloton and Zoom as they traverse the post-pandemic business landscape.
Zoom's expansion into comprehensive communication tools
In response to changing market dynamics, Zoom has expanded its product range to include more comprehensive communication tools. The company now offers a full-suite solution called Zoom Workplace, which includes office productivity apps similar to those offered by Google and Microsoft, as well as a business email client. This is part of Zoom's strategy to remain competitive and relevant in the evolving business communications landscape.
Zoom's AI companion 2.0 and future plans
In October, Zoom launched its AI companion 2.0 with improved summarizing and assistance tools. Yuan imagines this tech as a fully customizable digital twin with your institutional knowledge, which could free up an entire day's work and allow a four-day work week. This move highlights Zoom's focus on artificial intelligence in its offerings, further establishing it as an AI-first company.
