If you’ve been saving up your lunch money to potentially buy the music and video-streaming source Vevo, then you may as well grab an extra slice of pizza today because the New York Post is reporting that it’s officially off the market. Vevo is jointly owned by Universal Music, Sony Music Entertainment, Google and the Abu Dhabi Media Group, all of whom had previously agreed to explore the possibility of sale. However, Vevo’s continued growth seems to have changed their minds.
Vevo, with its near monopoly on original music video releases, is already one of the biggest music destinations on YouTube. According to the post report, all four companies involved in the sale agreed that the amount of development required to turn Vevo into a major entertainment destination could be done internally without relying on a buyer with deeper pockets or more time to focus.
Vevo has long claimed to be a premier destination for millennials, the most coveted advertising demographic of the moment. Looking at the numbers, it’s hard to disagree. Vevo is the fifth most-viewed site for online video content according to the most recent ComScore report. That places it ahead of familiar names like Maker Studios, Microsoft, Fullscreen and Vimeo, and only behind internet giants Google, Facebook, AOL and Yahoo.
Though Vevo is best known as a home for music videos and concert footage, the platform has been developing a catalog of original video content under its Vevo TV banner. Given that it’s already a millennial destination, it’s not hard to imagine Vevo thriving as a platform for pop culture and entertainment content. With the sale off the table, Vevo is working on lessening its dependence on YouTube views, which still provide the bulk of its traffic. The company recently reached a deal with Pinterest that will make their content even more shareable. With that settled, Vevo is reportedly looking toward a global expansion presumably funded by a cash infusion from its four majority owners.
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