The Vimeo app has been around since 2012, but it has always been aimed mainly at watching video rather than creating it. That changes with the latest update, which finally adds recording and live streaming inside the app. Just fire up the integrated video camera, and you're all set.
Before today, you could add new content to Vimeo through the app. However, you had to record the videos in another app and then send them via the upload tab. That's also where Vimeo has added the new recording features, which is a bit strange. The camera interface is simple—you can use the flash as a video light, apply some filters, and use a grid overlay. When you finish recording, Vimeo lets you set up the video details before posting.
While live streaming is available in the app, you probably can't use it. Vimeo makes live streams part of a premium service aimed mostly at brands, and that tier costs $75 per month. If you are part of a team that uses the feature, you'll be able to run streams from the app.