CEO: Vevo Made $150 Million In Revenue Last Year

Published February 1, 2012 2:00AM (EST)

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.

By Salon Staff

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