Vevo is an upcoming music video website that will be similar to Hulu. Rio Caraeff is the head of Vevo and the company is rumored to have raised $300 million. The company expects to stream about 450 million videos per month. The company will be ran by about 45 people initially.
Vevo is co-owned by Universal Music Group, Sony Music, and Abu Dhabi Media. Vevo will be powered by YouTube’s technology and they will be sharing ad revenue with each other. Vevo will be launching officially on December 8.
Vevo is an upcoming music video website that is being put together by YouTube, Sony Entertainment, and Universal Music. At the end of August, the company CEO Rio Caraeff was rumored to be flying around the world in order to find potential investors at a $300 valuation. And today a press release has been announced about a funding deal.
Abu Dhabi Media Company bought a stake in Vevo and the funding round is rumored to give the company a $300 valuation. Sony and Universal Music both own stake, but Google does not. Google is on a revenue-sharing agreement with Vevo by providing the YouTube massive distribution platform. The full press release is available after the jump.
