Andre Yoskowitz
17 Jan 2013 18:37
According to a new report, Google will take a minority stake in major music video distributor Vevo.
The stake could cost the company up to $67 million and makes sense as it is becoming apparent the company is looking to move more into distribution through its YouTube brand.
Vevo is the top traffic driver to YouTube with its music videos, many of which receive over 100 million hits depending on the artist.
The music video distributor is a joint venture between Universal Music, Sony Music and Abu Dhabi Media.
Both companies have had a rocky relationship over the past few years, mainly over fees.