Music video service VEVO has paid over $200 million to rights owners since being set up in 2009, or so said its boss man Rio Caraeff at a Business Insider conference in New York this week. Although co-owned by Sony Music and Universal Music, VEVO licences content from a wide range of labels and publishers, sharing ad revenues with its content partners.
According to Caraeff, VEVO now “generates more money for the music industry than any other service focused on music video”, and that, he says, is because of the high quality of the content, compared to video sites where a lot of content comes from unofficial sources. Added the VEVO chief: “The audience that loves music should be treated and valued the same way as the audience that loves the Super Bowl, and revenue should flow as such”.
Although still best known for its YouTube-powered element, where VEVO content sits on the Google video site’s platform, VEVO has also been rapidly expanding the other access points to its service, making its videos available via other partners, as well as its own apps and VEVO.com website.
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