It is not a surprise that the video conferencing business Zoom has benefited from the lock down. But the financials are staggering.
Sales have virtually doubled from the pre-pandemic forecast. They expect to be around $1.8bn. Their ability to convert the free users into paying subscribers shows the model of “ try it & then buy it” has been a roaring success.
Zoom is now valued at $58bn which is four times its worth last year and has made its owner Mr Eric Yuan a billionaire.
And although Mr Yuan has a history in this field having worked WebEx, his drive to set up Zoom was to solve a very personal problem.
He wanted a video conferencing software that was suitable for a mobile phone to enable him to talk to his then girlfriend (now his wife).
What we do for love.