In a naively optimistic statement, the company said, “we will phase out elements of our owned and operated platforms. Going forward, Vevo will remain focused on engaging the biggest audiences and pursuing growth opportunities.” In more honest words, they are focusing on YouTube.
The company has long been tied to YouTube with many official artist pages being Vevo accounts. Vevo has tried to lessen its dependence on YouTube with apps for Android, iOS and more, but they never caught on. It now has to cut its losses and just accept that it is an add-on to YouTube.
Vevo was started in 2009 by the big three labels, Warner, Sony and UMG as a pawn for the majors and pretty much continues to act as such. It says it will continue to pump out original content, but it will now only live on YouTube. Ironic.