Vevo is a joint venture between Abu Dhabi Media, Universal Music Group, Google and Sony Music Entertainment
Premium music video and entertainment platform will phase out elements of its owned and operated platforms and instead focus on growing its audience on YouTube, the company announced last week.
In a blog post on May 24, Vevo – a joint venture of Universal Music Group, Google, Sony Music Entertainment and Abu Dhabi Media – said that its “objective is to grow the commercial and promotional value of music videos, fostering deep connections between artists and fans.”
While Vevo says it will work to continue to reach “a growing audience on YouTube”, the post added that it is exploring ways to work with additional platforms.
According to the post, Vevo will continue to be the primary seller of Vevo-specific advertising on all distribution platforms, and will invest in original content including its ‘dscvr’ and LIFT emerging artist programmes, as well as new formats which it plans to roll out shortly.
“Connecting artists to new audiences, while helping tell their stories and growing an advertising-based revenue stream that benefits all of our partners, are key considerations that drive how we develop and adapt our business,” the statement said. “Belief in the power of the music videos will always remain at Vevo’s core.”