Vevo is a short-form of “video evolution.” It is a US multinational video hosting service. It got started by hosting only music videos from Sony Music Entertainment, and Universal Music Group on YouTube and its application. The service distributes majorly through YouTube, and its application is available on selected smart TVs, gaming consoles, and DVRs.
Inception
Vevo got founded on June 16, 2009. It was formed as a joint venture among three prime record firms that included Universal Music Group, Sony Music Entertainment, and EMI. The CEO of this company is Alan Price. The company belongs to the Multimedia music industry.
In August 2016, Warner Music Group, the third-largest record firm, agreed to authorize premium videos from the artists to Vevo.
The headquarters of Vevo are located in New York, New York, United States. Universal Music Group, Abu Dhabi Media, Alphabet Inc, and Sony Music are the majority owners of the company, and Warner Music Group is the minority owner. The net worth of the company is computed to be US$ 760 million.
Evolution
The original wordmark of Vevo was used from December 2009 till March 2013. The second logo of Vevo was used from March 2013 to July 2016. Vevo was described as streaming music videos to attract more high-end marketers. Some of the other sources of revenue generation of Vevo included a merchandise store and referral links for buying viewed songs on iTunes and Amazon Music.
On November 20, 2008, UMG obtained the domain name “vevo.com.” On December 8, 2009, the site had gone live. It overtook Myspace Music and became the most visited music website in the US.
After the inauguration, several YouTube videos got added by “Vevo” and earned massive views. In June 2012, Vevo inaugurated its Certified awards that honored artists with a minimum of 100 million views on Vevo and partner websites that included YouTube.
On May 24, 2018, Vevo made a declaration that it is closing its consumer website and will remove its app from various mobile platforms to be able to focus on YouTube syndication.
On March 15, 2013, Vevo inaugurated Vevo TV, an internet television channel that is operated 24 hours a day. It featured specials and music videos. Vevo TV later split off into separate networks: that included Hits, hip hop and R&B, and Nashville.
Vevo became available in the Netherlands, Brazil, the United Kingdom, Australia, New Zealand, France, Canada, Ireland, Germany, Mexico, Italy, Poland, Spain, and the US. On April 26, 2011, the Vevo service was launched in the UK and Ireland. On April 16, 2012, it was launched in New Zealand and Australia. On August 14, 2012, the service was launched in Brazil. On November 15, 2012, it was launched in Italy, Spain, and France. On April 3, 2013, its iOS application was updated, and it became available in the Netherlands. This was followed in Poland on May 17, 2013. On September 29, 2013, the service was launched in Germany. On April 30, 2014, it was launched in Mexico.
Vevo is available for plenty of platforms that included Apple TV, Android, iOS, Windows 8, Windows Phone, Boxee, Google TV, Fire OS, Roku, PlayStation 3, PlayStation 4, and Xbox 360.
Awards & Achievements
Vevo has become the leading music video and entertainment platform, with 1.1 billion hours viewed every month. The service records 26 billion views per month. This is the largest all-premium music video provider of the world that offers a global platform to musical artists with an enormous scale via its distribution partners.
The service connects artists with a worldwide audience through original content, and music videos and worked to find distinctive methods to bring new life to the music. Vevo is seen to work with emerging artists, that provides them with a global platform reach, and scale. It helped in finding, as well as expanding their audience. The service has already posted 450 thousand videos.
Vevo’s Live Studio Performances aim to help audiences connect with their favorite musicians by looking at their musical preferences. The service highlights the talent of established as well as emerging artists.
Net Worth of Vevo in 2024
As of April 2024, The net worth of Vevo is around $1 billion. Vevo is one of the most renowned music video services that controls a lot of major music labels of YouTube videos. It is valued at thrice of its gross revenue that is computed to be about one billion dollars.
Vevo recruited an M&A advisory firm named Raine Group and Goldman Sachs to start communicating to suitors interested in a controlling stake or minority in the firm. Vevo is known to be a hot-selling service in the entire music industry. This is because of its major-label, and artist-driven YouTube videos come with exorbitant advertising rates.
It has been estimated that Vevo will be making around $350 million in terms of its revenue. It is consistently the highly viewed channel on YouTube. It has major buyers that include Yahoo, Dreamworks Animation, Liberty Media, and Amazon. The company is also keen on financial investor groups titled Carlyle Group.
Vevo is a multinational company owned by some of the top music record labels that include Universal Music Group. It is owned by Sony Music Entertainment and Vivendi along with Abu Dhabi Media, and Google. Google has made an investment of $650 million in Vevo.
Vevo is globally known as the leading music streaming service that provides a platform for well-established artists, and budding music talent to provide a unique selection of original songs to their fans worldwide.