⠀⠀⠀VEVO is closing up shop; well sort of.
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⠀This Thursday, the company will be closing its mobile apps and website. Vevo will still produce original content but will no longer focus on independently-operated platforms. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
Vevo was created back in 2009 by major record labels, and allowed streaming music videos, which brought in higher revenue. ⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
YouTube moved to take Vevo’s content off its site and received permission to sell clips directly to advertisers; a new deal that significantly cut Vevo’s funding. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀
In a blog post Vevo wrote, “Our catalog of premium music videos and original content will continue to reach a growing audience on YouTube and we are exploring ways to work with additional platforms to further expand access to Vevo’s content.” Vevo’s most-viewed video is “Despacito” by Luis Fonsi featuring Daddy Yankee with over five billion views.