0

Music video startup Vadio to shutter

Vadio logo canvasMusic streaming startup Vadio is planning to sell off its business after it was unable to secure enough investment. The company, which ran a music video distribution service, has now cut most of its team and is looking for a buyer.

“Frankly, we didn’t raise enough capital out of the gate,” CEO Bryce Clemmer said. “Given all the deals that needed to be done, a company like this in the music video vertical ultimately requires up front investment to secure the content from the owners and build the team.”

Vadio had a deal with Vevo for access to its catalog back in 2014, but Vevo ended many syndication deals in 2015. Vadio did wind up building some other strong business arrangements, including a tie-up to provide music videos for Shazam in late 2016. It raised about $10 over the course of its business.

Be Sociable, Share!

Leave a Reply

Your email address will not be published. Required fields are marked *