"Our strategy was never about scarcity,... but rather ubiquity," VEVO CEO Rio Caraeff told attendees of the D: Dive Into Media conference yesterday. The strategy is working. VEVO is profitable company after just 2 years and generated $150 million in revenue in 2011. In fact, Caraeff envisions $1 billion in revenue within a "short period of time."
Company will be expanding to X-Box in the next 30 days and plans further mobile expansion. Careaff says VEVO is expanding into 6 more countries in 2012.
Vevo is a joint venture of Sony Music Entertainment, Universal Music Group, and Abu Dhabi Media with EMI licensing its content to the group without taking an ownership stake. Vevo offers music videos from the same three of the 'big four' major record labels. Warner Music Group was initially reported be negotiating offering content on Vevo, but rather formed an alliance with MTV Networks.
Here's video of the full inteview: