We all have seen ‘Vevo’ latched onto most music videos on YouTube but we probably do not know what Vevo is or stands for. Well, as the company’s fate reveals, most people don’t.
The video-hosting service has sensibly decided to shut down it’s website and apps in coming weeks.
Vevo, an abbreviation for ‘video evolution’, was set up in a joint partnership between Universal Music Group, Sony Music Entertainment and Warner Music Group in 2009. It hosts music videos only from Universal and Sony.
In a blog post released on Thursday, the company announced that
Going forward, Vevo will remain focused on engaging the biggest audiences and pursuing growth opportunities.”
In simpler words, the company is focusing on it’s profitable strength: YouTube.
Inversely Proportional Relationship (Vevo = 1/YouTube)
Vevo was originally designed as a designated streaming service for music videos that would generate proceeds from more elite advertisers.
They made a distribution deal with YouTube via which they received a cut of revenue from uploading videos on the Google-owned website.
But YouTube’s empire has expanded tremendously. The company recently unveiled its paid subscription service YouTube Music Premium, a service oriented towards streaming music which strips out ads and lets users download music as against to the borderline redundant services provided by Vevo.
Ironically, the timing of Vevo’s withdrawal comes just as YouTube branches out.
What lies ahead for Vevo?
Vevo will not compromise on the belief behind it’s purpose: the power of music videos.
It will continue to be the primary seller of Vevo-specific advertising on all distribution platforms including the sponsorship of video premieres.
The company also stated that it will invest in original content including the dscvr and LIFT emerging artist programs.
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. Belief in the power of the music videos will always remain at Vevo’s core.”
Fortunately, Vevo music videos and original content will still be available on YouTube. Users having playlists on Vevo will reportedly be able to convert them to YouTube playlists.
(Image credits: Vevo facebook page, Digitunes.in)