The music video hosting giant Vevo are working on a subscription service that could debut within a year.
By now you’ve heard of Vevo, the company that hosts music videos for thousands of artists, labels and groups. The company, owned by Universal Music Group, has garnered billions upon billions of views on it’s own website as well as it’s many channels on YouTube and is reportedly now planning to release a paid service.
In December Vevo purchased Showyou, a curated video streaming platform, a move that ignited rumours Vevo may introduce their own paid content and services. It’s now confirmed that Vevo are planning to launch a video streaming platform that would allow users to watch Vevo music videos ad-free, with a charge.
Vevo’s chief executive Erik Huggers spoke at the Code/Media conference, saying: “Today our business is all about ad-supported. So we think that one of the important things – we hear this throughout the industry – is the move towards subscription. That’s something we’re interested in. We think there is a big opening and a wide space to make something better. That requires quite a bit of new muscle tissue that the organisation doesn’t have yet.”
Huggers added that they want to add more original content to distinguish their service and add more value to it than just ad-free music videos. He didn’t go into detail on what exactly this could entail but Recode, who run Code/Media, reported that it would be “something in the same vein as ‘Amy’, the documentary based on the life of Amy Winehouse”.
According to Recode, in Huggers last appearance at Code/Media three years ago he announced plans to launch an online TV subscription service with Intel, who we was working with at the time. The plans fell through and were eventually sold to Verizon. Huggers apparently said that the concept was “two years ahead of it’s time”. Is it time now Mr. Huggers?