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Digital
VEVO seeking new investment
By CMU Editorial | Published on Monday 9 July 2012
Sony/Universal owned music video service VEVO is looking to raise new finance to fund global expansion, according to reports in both the Wall Street Journal and LA Times. The papers have reported that the digital music firm is close to retaining New York investment bank Allen & Co to lead a new round of investment, with a target of $100 million to $150 million to be raised.
It is thought that the bank will initially speak to big US-based tech firms like Facebook, Yahoo, Google and Amazon about taking a stake in the music video firm. There has been talk of a flotation for VEVO in the past, though an IPO – while not out of the question long term – seems increasingly unlikely to happen in the foreseeable future, mainly because the company will likely want to be operating in many more territories before going that route.
The new investment round comes as VEVO in the US announced new mobile functionality, allowing users to access videos on the platform via their web browser, rather than having to download a special app first.
