Major Label Video Site Vevo Received Investment from Abu Dhabi Media
Universal Music Group, Sony Music, and the other two major labels (who are expected to join Vevo before it launches), plus Google, have found the key investor they have been looking for: Abu Dhabi Media, owned by the Abu Dhabi government.
The Abu Dhabi Media company has been reported to have bought in to the service on a pre-launch value of $300 million. Google is also involved, in that it will operate the back-end of the site in return for a share of revenue, but does not own part of Vevo.
Obviously the $300 million valuation seems very high for a site that is yet to launch, but Vevo is no ordinary site. Vevo will easily become the worlds largest site for music videos online and with a large majority of YouTube’s views coming via music videos, it is surely going to be a hit. I really just hope Vevo ties in the videos nicely with purchasing options such as iTunes and Amazon, as well as giving artists the option to place whatever advertising they want next to their videos.
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