The new premium music video and entertainment service created in partnership by Universal Music Group, Sony Music Entertainment and Abu Dhabi Media Company is already in trouble. VEVO managed just 35 million visits in December, a remarkably low number given the hype and marketing muscle of the corporates behind it.
This is – or should be – a huge reality check for the music industry. The closing of Tower Records reflected the end of the old-school analog days, and the demise of imeem underlined the folly of trying to use old-style business practices online. Even with VEVO being run on the YouTube platform and picking up a large potential audience, the figures are dismal.
The “Most Popular” music videos on VEVO also showed the problems of the service: Beyonce, Justin Bieber, Drake, Lady Gaga, Jay Sean, Shakira, Britney Spears and Taylor Swift. Those artists will be popular anywhere BUT the problem is the inclusion on VEVO will just steal listeners/viewers away from other platforms.
Claiming “Music Evolution Revolution!” is just not backed up by the figures. The real Evolution and Revolution in music is happening elsewhere. For example, podcasts by trance DJs Above & Beyond already have 21 million listeners/viewers each week. In other words the immediate future of digital music is still iTunes and iPod, much to the concern of the majors.
Will VEVO bring us anything new? No. It is just a continuation of the old-school music cartels trying to channel our music appreciation – and it won’t work any more. Therefore we won’t spend new money via their platform. The real evolution of music marketing online will continue elsewhere – platforms like Pandora, Last.FM, MySpace and WordPress.
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