Vevo Is A Success After Just 10 Months
September 30, 2010 at 3:48 AM (PT)
VEVO, a partnership between UNIVERSAL MUSIC GROUP, SONY MUSIC ENTERTAINMENT and the ABU DHABI MEDIA COMPANY, has quickly become the third largest music video source on the web, reports TECHCRUNCH. YESTERDAY (9/29), "CEO RIO CARAEFF took the stage at TECHCRUNCH DISRUPT to talk about how VEVO now receives 49 million unique video viewers a month, with 500 million views in the U.S. and 1.4 billion around the world."
"We’ve proven that we can aggregate a large audience and proven that music is valuable to advertisers. If people are passionate than we can monetize that audience."
Launched in DECEMBER 2009, VEVO is already seeing tens of million in revenue, through sponsorships and advertising, with more than 50% of that revenue going back to the labels and artists.
Although VEVO is not yet in the black, CARAEFF said, "VEVO is an experiment on a grand scale. It remains to be seen whether tech industries can work with tech companies to raise the value of music and generate more revenue than in an analog world."