The world of business is unpredictable, and that is becoming more apparent than when most of the countries are under lockdown due to Covid-19 pandemic. Small tech companies that are providing extraordinary features and having us all manage our ‘work from home’ during lockdown are exploiting opportunities as the human interactivity is banned in several big economies.
One of tech’s more surprising entrants, Zoom, a US based video conferencing app has emerged as a shut-in friendly, and exceptionally well poised business for the pandemic.
Since the start of the outbreak in December, Zoom rode a wave of net-worth more than Uber and Lyft combined and now as of April 17, “Zoom had a market capital of $41.86 billion, while the combined value of Hilton ($18.26 billion), American Airlines ($7.91 billion), and Expedia ($4.35 billion) stood at $30.52 billion,” until 2017, Zoom wasn’t even worth $1 billion.
However, this state of affairs for Zoom won’t last forever as the corona virus provided a fillip to its business, and its usage will fall down as the impact of COVID-19 pandemic starts diminishing.
Zoom, which had been founded just 9 years ago, by a former Cisco engineer Eric Yuan, allows users to talk to up to 99 other people simultaneously over video-call for less than 40 minutes. People under lockdown have been extensively using zoom app to conduct virtual classrooms, for personal and off teleconferencing calls across offices and in fact for church services, wedding, funerals, blind dates and zoom parties.
On the other hand, its services have been under increased scrutiny since “it was sued for allegedly sharing personal data with Facebook and high possibility of data breaching”, as per a report at Bloomberg.
According to Yuan, number of daily zoom users increased from just 10 million to 200 million in March. While this pandemic has made him very rich, Yuan can not wait for the crisis to end. But he hopes, many will learn that working from home makes sense, and maybe companies will let every employee work from home, maybe once a week.