Although it’s been on a slow roll-out for a while, Vimeo is officially launching its brand new default HTML5 player today with a promise that it’s 50% faster than the Flash player they have used for years. The new player comes with some nifty little upgrades including the option to add closed captions and translated subtitles, plus better sharing features that allow users to e-mail, embed and post videos to social networks more easily than ever before.

But that’s not the only update. The site’s On Demand service gets some fancy new features including the ability to purchase a video directly from the player, even if that video has been embedded outside of Vimeo. This in-player transaction support is great news for content creators who want to monetize as much of their work as possible.

The move to HTML5 from Flash allows playback of Vimeo content across different platforms without the use of a plugin, particularly on mobile devices. You can find out more about the new features from this handy little video: