The company was the brain child of former Universal Music Chief Executive Doug Morris, who was a frequent critic of the way MTV had built a lucrative business playing music videos that record labels gave the cable channel for free.
Mr. Morris was determined not to let the same thing happen again in the Internet age, and built Vevo as a way to ensure the record labels sold the ads that played alongside their videos online.
Vevo is expected to generate $280 million in revenue this year, according to one of the people familiar with the proposed sale, up from $150 million last year.
2011 revenue: $150 mil
2012 revenue: $280 mil (projection)
1. iTunes 38.23%
2. Anderson 17.86% - stocks Walmart/Best Buy
3. Amazon 7.93%
4. Alliance 5.97% - stocks Kmart and one stop stores, internet fulfillment
5. Target 5.45%
6. Trans World Entertainment 1.97% - owns FYE record stores
7. Rhapsody 1.97%
8. Super D 1.66% - online cd store 9. Vevo 1.15%
10. Microsoft 1.09% - Zune, XBox, MSN
Expect VEVO to climb to 2% for the 2012 report (due out next year). Spotify and Muve Music will appear on the 2012 list too. Itunes dominated, as expected.
