Vevo is trying to raise $500m in new funding to fuel its expansion and premium-subscription plans.
The Financial Times broke the news, reporting that Vevo has hired Goldman Sachs to drum up investor interest in its next round “to fund international expansion, potential acquisitions and the development of new mobile and television services” as well as a premium tier.
While the funding has not been secured yet, it would follow recent hefty rounds of debt financing for Pandora and Spotify, and a nine-figure round for Deezer, as independent digital music services bulk up their cash reserves to compete with Apple, Google and Amazon.
While Vevo’s recent deal with Warner Music Group is a boost for its pitch to investors, its ambitious plans to add original shows to its catalogue of music videos are likely to be just as important for its funding hopes.
Tools: platforms to help you reach new audiences
Tools: Kaiber
In the year or so since its launch, AI startup Kaiber has been making waves,…