The world of music videos has changed considerably since the early days of MTV. The MTV generation’s children are now young adults themselves, and they are getting their entertainment, including music videos, through streaming platforms. Vevo, which launched in 2009 as a collaboration between Universal Music Group, Sony Music Entertainment, and EMI, has managed to capitalize on this trend as the world’s largest premium music provider.
Things went especially well for Vevo in 2020 – in part, thanks to the pandemic – as the company’s annual lookback revealed that the service reached a record milestone of 1 billion weekend daily global views. Vevo shuttered its mobile app in 2018 and primarily relies on YouTube views of its music videos, but the company has another ace up its sleeve: OTT partnerships. It already has several distribution deals in place with Samsung TV Plus, Vizio, Netrange, Xumo, and others.
In October, Vevo partnered with Smart TV solutions provider Foxxum to make Vevo’s catalog available across 20 million devices in North America, South America, Europe, and Australia. Vevo has an agreement in place with XITE to launch a music video experience specifically for Apple TV as well.
Between smart TVs and streaming sticks/boxes, Vevo has a clear opportunity for growth. Vevo CEO Alan Price cited “expansion into the living room” as a key driver of the company’s good fortunes in 2020. Interpret’s New Media Measure® finds that more smart TV owners in the US are listening to music through their TV, so Vevo is in a fantastic position to provide consumers with the music entertainment they’re seeking. From 2019 to 2020, the percentage of music streamers who used their smart TV for music climbed to 19%. While smartphones remain the most popular device for music streaming, smart TVs are now almost on par with smart speakers (21%).