I'd say no.
It seems easy to worry entirely too much about a name or logo. I think a great product makes its name and great name can't save a bad product.
I think your current domain is fine, better even.
Say I'm a small business owner who used your service and I want to recommend it to a peer, I'd wager that my reccommendation is going to stick better as "Promostudio.com" than "V-I-D-D-I-O. No, it's like video, except it has two Ds and I in place of E. No, V-I-D-D-I-O."