Music videos service Vevo is losing its boss, with president and chief executive Rio Caraeff confirming this week that he’ll leave the company at the end of 2014.
But the press release announcing his departure includes an interesting statistic which, to me, is even more facinating – Vevo has paid more than $500m to music rightsholders since 2010.
“Earlier this year, the Vevo ownership group underscored its commitment to the joint venture by pledging continued support for Vevo and its growth initiatives, citing the company’s strategic importance. Delivering nearly 100 billion streams across its distribution platform annually, Vevo has generated hundreds of millions of dollars in revenue, growing its business at a rate of over 50% year-over-year since 2010. It also has invested more than half a billion dollars in music video programming through royalties paid to rights owners, artists and songwriters. Over the last five years, 365 music videos from more the 125 artists have generated over 100 million views each. In addition, Vevo has built strong relationships with sponsors and brand marketers, working closely with over 1,100 global advertisers representing 50% of the world’s top 100 marketers who spend across Vevo to reach the largest audience of passionate music fans.”