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Concept
Vevo
Summary
Vevo LLC (ˈviːvoʊ , an abbreviation for "Video Evolution", stylized in all caps until 2013) is an American multinational video hosting service, best known for providing music videos to YouTube. The service is also available as an app on selected smart TVs, digital video recorders, digital media players and streaming television services. The service once offered a consumer mobile and tablet app; however this was shut down in May 2018 to allow the service to focus on its other platforms.
The service was concluded after negotiations on June 16, 2009, as a joint venture among three major record companies: Universal Music Group (UMG), Sony Music Entertainment (SME) and shortly before its launch by EMI. In August 2016, Warner Music Group (WMG), the world's third-largest record company, agreed to license premium videos from its artists to Vevo.
Initially, the service hosted only music videos from Universal Music Group and Sony Music Entertainment, syndicated on YouTube and its app, and the advertising revenue was shared by Google and Vevo. Originally, Warner Music Group was reported to be considering hosting its content on the service after it launched, but formed an alliance with rival MTV Networks (now Paramount Media Networks). In August 2015, Vevo expressed renewed interest in licensing music from WMG and a deal with WMG was completed on August 2, 2016, making again the entirety of the "big three" record companies' music available on Vevo.
The concept for Vevo was described as being a streaming service for music videos (similar to the Hulu streaming service for movies and TV shows after they air), with the goal being to attract more high-end advertisers. The site's other revenue sources include a merchandise store and referral links to purchase viewed songs on Amazon Music and iTunes. UMG acquired the domain name vevo.com on November 20, 2008. SME reached a deal to add its content to the site in June 2009. The site went live on December 8, 2009, and later that same month became the number one most visited music site in the United States, overtaking Myspace Music.
Official source
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