VEVO, a popular music video site which maintains many musical artists’ YouTube accounts announced that it has paid $200 million to artists since its inception in 2009. The music video service has paid out more in 2012 than the previous two years combined. CEO Rio Caraeff shared the news today during a conversation at the Business Insider Ignition Conference in New York City.
The service makes money and pays artists through advertising. A typical music videos shows one pre-roll ad for every six to seven minutes of video consumed.
The company’s main focus is delivering high definition music videos to people wherever they are and on whatever devices they are using. VEVO currently offers an app for all major mobile platforms, including Xbox Live. For a full list of available apps visit here.
Expansion continued for VEVO with the launch of its web platform in Spain, France and Italy on November 15th. VEVO is currently dominating the music video space and earns more revenue than any other company focused on music videos, said Rio.
The website currently features over 50,000 music videos with features across many different YouTube accounts. In September 2012 VEVO became the most popular YouTube channel.