Vevo meaning in Business ?

Vevo ( VEE-vo, an abbreviation for "Video evolution") is an American multinational video hosting service, best known for providing music videos to YouTube. The service is also available as an app on selected smart TVs, digital video recorders, digital media players and streaming television services. The service once offered a consumer mobile and tablet app, however this was shut down in May 2018 to allow the service to focus on its other platforms.

The service was founded on June 16, 2009, as a joint venture among three major record companies: Universal Music Group (UMG), Sony Music Entertainment (SME) and EMI. In August 2016, Warner Music Group (WMG), the world's third-largest record company, agreed to license premium videos from its artists to Vevo.

Initially, the service hosted only music videos from Universal Music Group and Sony Music Entertainment, syndicated on YouTube and its app, and the advertising revenue was shared by Google and Vevo. EMI also licensed its library of videos to Vevo shortly before its launch and its acquisition by UMG in 2012. Originally, Warner Music Group was reported to be considering hosting its content on the service after it launched, but formed an alliance with rival MTV Networks (now ViacomCBS Domestic Media Networks). In August 2015, Vevo expressed renewed interest in licensing music from WMG and a deal with WMG was completed on August 2, 2016, making the entirety of the "big three" record companies' music available on Vevo.