Vevo seeks $500 million in new funding

According to a report from the Financial Times, the music video service Vevo is trying to raise a whopping $500 million from investors. The money would go toward Vevo’s planned SVOD service, as well as other international expansions. Earlier this month, Vevo reached a deal to gain the rights to the Warner Music catalogue, enabling the company to distribute content from all three major record labels. The move was essential to Vevo’s efforts to launch its own streaming service. It also made the company’s efforts be less dependent on YouTube and Facebook more urgent: Under the terms of the deal, Vevo can place Warner content on its owned platforms, but not on third party platforms. The company has hired Goldman Sachs to help with its new fundraising, according to the FT report.

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