The Vevo brand languishes in obscurity. And as CEO, Huggers is on a
mission to transform his company from YouTube’s underappreciated
business partner into a top streaming platform in its own right.
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Vevo, the majority of which is owned by Universal Music Group and Sony
Music Entertainment, two of the “big three” music labels, is trying to
do for the mobile era what MTV did for TV: be the premium destination
for music videos from popular and up-and-coming artists.
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Most viewing of Vevo clips takes place on YouTube, not on Vevo.com or
the company’s mobile app, and music fans barely register the white Vevo
logo on the bottom right corner of the screen.
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Vevo anticipates $500 million in revenue this year, much of it from its ad-revenue-sharing deal with YouTube.
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In August when Warner Music Group, the other big-three label, finally agreed to distribute its content through Vevo.
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Spending on digital video advertising is projected to reach $10.3
billion this year, according to eMarketer, with 43% of that going to
mobile. By 2019 it could reach $16.3 billion.
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While music-streaming companies like Spotify have experimented with
adding videos to their services, no company based specifically on music
videos has yet taken off.
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