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Vevo Makes $150 Million In Revenue
Just 2 years into its life and after countless naysaying, it seems as if Vevo is finally picking up steam. Its President and CEO Rio D. Caraeff revealed as much when he spoke recently at media conference. According to Caraeff, Vevo generated over $150 million in revenue over the course of 2011. At the same time, the company paid out over $100 million in royalties to content owners—though much of this was done over a 2 year period.
Vevo has done remarkably well in a very short space of time, and the joint-venture enterprise between Universal Music Group, Sony Music Entertainment and Abu Dhabi Media has benefited strongly from the rise and rise of video across the web. As a video portal, Vevo is now getting 3.5 billion video views per month, with around 900 million of those emanating from the US.
The secret to Vevo growing popularity is its leveraging of other online gateways. You’ll notice for instance that most top artists are displayed on Youtube with a Vevo endorsement. Partnerships like these, including ones with Xbox and Facebook are a big reason that the site has grown so much in the last couple of years.
With plans to re-launch the site in the first quarter of 2012, along with planned roll-outs in 6 other countries, I expect we can hear great things about Vevo’s revenues in the coming months.