You may have probably seen the name Vevo plastered in the majority of the music videos available on YouTube. It is how most of the people in the world know about it. There are chances that you did not know that Vevo has its website as well as mobile apps either. Well, for that reason, the popular video hosting service has planned to shut down its website and app in the coming days. Vevo has made such a decision as it has plans to shift its present as well as future partnerships.
The company announced the news through a blog post on Thursday where it also said that it would “remain focused on engaging the biggest audiences and pursuing growth opportunities.”
Vevo will continue to invest in the original sponsorships and content but will shut down its own and operated platforms, it further said. Vevo is now nearly surrendering to YouTube, who has supplied most of the audiences to the video curation service.
Vevo was set up by major renowned record labels in the year 2009 to provide the audience with a music video streaming service which would bring in a higher amount of revenue from advertisers. Through a distribution contract Vevo signed with YouTube, the company has managed to receive a cut from the revenue for putting its music videos on YouTube.
But now, YouTube seems to have changed its mind and has recently removed all the music videos of Vevo from its network and has also implemented a new licensing deal where it is securing permission to sell the music clips of Vevo directly to the high-end advertisers, which will, in turn, cut down the sales force of smaller companies. Although Vevo has tried to become independent and not rely on YouTube by coming up with its and offerings since years, it looks like the efforts have gone in vain.
“Our catalogue of premium music videos and original content will continue to reach a growing audience on YouTube, and we are exploring ways to work with additional platforms to further expand access to Vevo’s content,” Vevo said in the blog post. For people who used Vevo’s website, the company will now offer them a tool to import the music from their Vevo playlist to YouTube.