Revenue at music video site Vevo was up 30% in 2017 from $500 million to $650 million, as it broke even for the first time in its eight years in business, according to a new report. Vevo now logs 25 billion views each month, up 30% from its last public disclosure.
Vevo, which is owned in part by Universal Music and Sony, says it will be profitable in early 2018. According to the Financial Times, that thanks to a major increase in digital advertising. Advertisers are reportedly moving business from the less controlled environment of YouTube to the service.
Vevo is currently in negotiations with Google and YouTube about the future of their exclusive partnership.
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