Feb. 19 (Bloomberg) -- Vevo LLC, the online service partly owned by the world’s two biggest record companies, streamed a third more music videos in 2013, with the pop star Pink’s “Just Give Me a Reason” the most-viewed clip.
Vevo, founded in 2009 by Vivendi SA’s Universal Music Group and Sony Corp., provided 55 billion music videos in 13 countries, the New York-based company said in a statement. The company streamed 165 million music videos a day in the second half of the year.
Viewing on mobile devices and Web-connected TVs more than doubled last year, Vevo said, as the company expanded beyond Google Inc.’s YouTube, where the service began. About two-thirds of viewers watched Vevo videos on a mobile device or a television using AppleTV, Roku or Google’s Chromecast. The company’s library includes 75,000 high-definition music videos, exclusive programming and live concerts,
“With tablets, with Internet connected TV devices, our audiences are spending more time than they were on the desktop watching our videos, watching music programming,” Rio Caraeff, Vevo’s chief executive officer, said in an interview.
A viewer watching Vevo on a TV connected to a Roku set-top box watches more than 400 minutes of video a month, compared with 45 minutes for those using Apple Inc.’s iPhone, Caraeff said. The more time a viewer spends watching videos, the more opportunity Vevo has to show ads and generate revenue, he said.
After Pink, the biggest draws on Vevo last year included Avicii’s “Wake Me Up” and Robin Thicke’s “Blurred Lines.” Miley Cyrus set a single-day record with 19.3 million streams for her “Wrecking Ball” video, which was seen 100 million times in six days, according to the statement.
Vevo is seeking to develop blocks of programming for TV networks rather than trying to buy a cable network, Caraeff said. Expanding service to more countries in Europe and Latin America will drive growth, he said.
The company is in talks to raise money from investors to help pay for the expansion, Caraeff said.
“We’re in the process of trying to figure that out -- how we can bring more investment into the business to grow further, farther and faster,” Caraeff said.
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