Vevo posted 2017 revenue of $650 million, and the music video platform broke even for the year. The revenue total was up 30% over the year prior, and Vevo claims it will be profitable by early 2018. The data was reported in the Financial Times (paywall), which credited growth in digital advertising for the boost in performance. Vevo’s videos attract 25 billion views a month.
Vevo, which is majority owned by Universal Music Group, began operation in the shadow of YouTube. Even after creating its own, standalone mobile app and trying to distance itself, many consumers still associate Vevo with the Google/Alphabet property. Much of Vevo’s development over the past two years was spearheaded by CEO Erik Huggers, who left the business in December. An interim CEO is filling in, but 2018 will see some critical decisions on the horizons for the company that will heavily impact its next phase.