Online Music Hub Vevo Eyes New Ad Deal With YouTube (Report)
NEW YORK - Online music hub Vevo is looking to negotiate a new advertising deal with Google's YouTube, the New York Post reported.
Under their current agreement, Vevo, a venture of Vivendi's Universal Music Group, Sony Music Entertainment and the Abu Dhabi Media Co., gets 65 percent of the ad revenue it makes on YouTube, with the host site getting the rest, according to the Post.
It said Vevo, which launched two years ago, is looking to increase its share. The company, led by CEO Rio Caraeff, wants to change the deal before it mulls a possible IPO, which could happen in the next 18 months, according to the Post.
“Vevo’s a great partner and we look forward to working with them in the future,” a YouTube spokesman told the Post.
Vevo recently hired veteran writer Jim Macnie as its new editorial director as it focuses on bolstering news and editorial features.