It’s fair to suggest that Vevo is having a difficult Spring: following the recent hacking of some of its key accounts, now the company has confirmed new layoffs within its product and engineering teams.
Variety first reported on the cuts, suggesting that they were “significant” and noting that chief technology officer Alex Nunes has also recently left the company.
Vevo issued this statement in response: “We can confirm there has been a reduction of personnel across the Product & Engineering teams at Vevo. This decision allows for greater focus to drive increased growth in the promotional and commercial value of videos,” said the company. “This will build on what was a very strong 2017 for us with growth in the scale and reach of the music video.”
Earlier this year, Vevo told the Financial Times that its revenues grew from $500m in 2016 to $650m in 2017, helping it to break even that year, with the hope of a profitable 2018.
However, speculation continues to surround the company’s future plans regarding its distribution agreement with YouTube, and other potential suitors – Facebook for example – in comparison to Vevo’s own website and apps.