Vevo has signalled a major shift in its business model by announcing plans to phase out elements of its owned and operated platforms. Sometime late a year ago, the company yielded more control over advertising to YouTube, when it renegotiated a deal that gives YouTube the ability to directly sell the ads that run against Vevo's clips streamed on Google's massive video service.
"Going forward, Vevo will remain focused on engaging the biggest audiences and pursuing growth opportunities", according to a blog post on the news.
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Those who have been viewing service's content through its proprietary offering will get access to tools for importing things like playlists to YouTube. Facebook is an obvious potential partner for Vevo's catalogue, as its music ambitions expand, but Snapchat, Spotify and other platforms could also come into play. Previously, Vevo's sales force had the first choice on selling their music clips to advertisers. The platform promises that its original content such as its dscvr and LIFT artists will be available on different, non-VEVO branded channels.
Earlier this year it was reported that Vevo broke even in 2017, thanks to a 30 percent jump in revenue. The company said that it averaged 25bn monthly views for its catalogue - so around 300bn for 2017 as a whole.
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The company claimed it had "exhausted all avenues" and that it had "applied for [landing] slots in the correct manner and time frame".
However, Huggers left the company in December, signaling a change in direction.
And being partly owned by Google and two of the major labels means those frenemies have sometimes used Vevo as a pawn as they negotiate their own deals with each other. The company is optimistic. "Belief in the power of the music videos will always remain at Vevo's core".
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