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Business News Digital
Vevo seeking half a billion dollars of new funding
By Andy Malt | Published on Monday 22 August 2016
Vevo is attempting to raise between $300 million and $500 million of new investment, according to the Financial Times. The money will reportedly fund international expansion, potential acquisitions and the development of new mobile and television services.
The video platform, majority owned by Universal and Sony, is known to be developing a paid subscription service too, of course, which it aims to launch by the end of this year. One step on the road to that was signing up Warner Music, which held out against adding its content for six and a half years until a deal was announced earlier this month.
Vevo also recently launched a load of new social features, aimed at keeping people within its walls for longer, rather than just coming in, watching a music video and then bouncing off.
