While the deadly pandemic is proving itself as a curse to all the sectors around the globe, it, however, acted as a blessing to the online application, Zoom. “The Covid-19 crisis has driven higher demand for distributed, face-to-face interactions and collaboration using Zoom” stated Eric Yuan the CEO of Zoom. The data of Zoom’s revenue that was recorded by BuyShares.co.uk shows that since 2019 there has been an upward movement in their revenue by 169%— from $60 million in the first quarter to $106 million in the fourth quarter of the fiscal year 2019, from $122 million in the first quarter to $188 million in the fourth quarter of the fiscal year 2020. For the fiscal year 2021, the data reads revenue of $328 million in the first quarter and projects that the revenue will stand at $495 million in the second quarter.
Zoom, which was previously used only by the business people to make video communication between their clients or other entrepreneurs, is now used for almost all purposes. The imposition of the lockdown, worldwide, had made people turn to this online technology. Educational institutions using it for holding classes and exams, various organizations are using it for webinars; even the general public are making massive use of it for making video conferences with their friends, and family. Not only that, but Zoom has also become a part of the cultural phenomenon and is used in hosting concerts, church services, etc, the application is available in a free trial package with unlimited meeting options. The paid package, however, facilitates 1000 people to participate and the group meetings are limited for 40 minutes.
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However, in between Zoom’s growth, there arose a question regarding the privacy of the users of about a month ago. It was claimed that the app was linked to China and the communist country was collecting users’ data from the platform. It was alleged that over 5, 00,000 Zoom accounts were hacked and were sold on the dark web. But Zoom stated that these types of hacks are not new for them and advised the users to change their passwords from time to time and also check if their mail ids are not leaked.
With the assurance provided to the users, Zoom, it had made certain changes in its default settings to make the application as much protected as it can. Amidst all the hindrances, the app, thus, is experiencing rapid and huge growth and it’s aiming to make $1.77 billion revenue at the end of the 2021 fiscal year.