Google Buys Stake In Vevo
Google has renewed their music video distributor agreement with Vevo. This will enable Vevo to keep music videos on Vevo’s website and apps along with YouTube exclusively. This past May, Vevo received 50.2 million million unique visitors on YouTube. YouTube is investing in the company as part of the agreement. The terms of the agreement was undisclosed, but it is believed to be pegged between $40 and $50 million.
“We made an investment in Vevo,” said YouTube in a statement. “We are excited by their future prospects and to provide YouTube users with the best possible music experience.”
Vevo is owned by Universal Music Group, Sony Music, and the Abu Dhabi Media Company. Vevo was reportedly interested unmaking a deal with Facebook after the revenue-sharing group concluded with Google.
Vevo will be using the funding for expanding internationally and creating new music programming. Google and Vevo’s contract expired in April, but it was extended.