Vevo Tops $100 Million In Royalties Paid
December 20, 2011 at 10:08 AM (PT)
VEVO has paid out over $100 million in royalties since DECEMBER 2009 to songwriters, recording artists, record labels and other music copyright holders, reports THE LOS ANGELES TIMES.
"We’re growing revenue in a way that doesn’t try to get people to pay for something they have never paid for before," said CEO RIO CARAEFF.
CARAEFF told THE TIMES that VEVO will be profitable sometime next year as its audience continues to grow, driving higher ad revenue.