Google has confirmed that it has taken a stake in the music streaming business, owned by Universal Music Group, Sony Music Entertainment and Abu Dhabi Media Group. According to reports in the Financial Times and Billboard, the stake is worth between US$40-50 million (€30-38 million), giving Google a stake of approximately 7%.
Vevo will use the investment boost to expand its international presence as well as to invest in original content.
Vevo’s previous contract with YouTube expired in April but it was granted a temporary extension while a commercial revenue-share deal was ironed out.
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