DANA POINT, Calif. (AP) — Vevo, the online music video service launched by Universal Music Group and Sony Music Entertainment in late 2009, pulled in $150 million in revenue last year.
The figure, announced at a technology conference Tuesday by its CEO Rio Caraeff, is the first time the service has given a glimpse into its financials.
The service gets most of its viewers through YouTube, where Vevo has a dedicated channel.
Vevo's popularity has boomed, going from 350 million global views per month two years ago to 3.5 billion a month now.
Caraeff also said Vevo has paid out $100 million to the music industry for the licensing fees on the videos over the last two years. He also told the "D: Dive Into Media" conference that the company is profitable.