Music video service Vevo is seeking funding at a USD300m valuation to support its launch later this year. Sony, Universal and YouTube are behind the project and seek to capitalise on the popularity of music videos, with YouTube providing the infrastructure and network for the joint venture. Vevo will show music videos from Universal and Sony artists alongside other music-related content.
paidContent reports that Vevo CEO Rio Caraeff is touring the US looking for investors to back the project. The company is reportedly citing New York as its headquarters, with another office in Los Angeles.
The venture is expected to be primarily funded by ads. In June, Sony Music Entertainment CEO Rolf Schmidt-Holz said the service will attract some of the ?most desirable demographics on the web and develop new and innovative ways to monetise music video.?
StrategyEye's related categories: Online Video, Video Networks, Major Labels
StrategyEye's related companies: Universal Music Group, Sony, Sony Music, YouTube
