Google Invests Close To $45 Million In Vevo
July 8, 2013 at 4:29 AM (PT)
THE WALL STREET JOURNAL reports, "GOOGLE has taken a small stake in music-video service VEVO as part of a deal to keep its content on GOOGLE’s YOUTUBE video site." The investment is roughly 7% of the four-year-old VEVO, valued at around $650 million.
GOOGLE's move was made to protect it's YOUTUBE service. VEVO has long been the most-viewed channel on YOUTUBE. VEVO was reportedly in talks with FACEBOOK, APPLE, AMAZON, TWITTER, MICROSOFT and others before coming back to the YOUTUBE fold.
GOOGLE released a statement saying it was "excited by their future prospects and to provide YOUTUBE users with the best possible music experience."