By Kevin McGurn President, Sales and Distribution, Vevo
In the highly saturated world of streaming, music videos are a unique form of premium content — not only are they a source of entertainment, they are also the soundtrack to our lives. Music videos were a big part of my life growing up, and I see that same wonder and enjoyment with my own kids watching both yesterday’s and today’s big music video hits.
For each music video that premieres today, we know that music fans will still watch and enjoy that video in 20 years’ time — it becomes ingrained in a person’s psyche for decades to come. This type of audio and visual content evokes emotion, creates the highest sense of engagement, and more often than not, occurs as a shared viewing experience with friends and family, especially in the living room. It’s truly sight, sound, and motion. And, as television has innovated and become more interactive with search, discovery, and user control, it is no wonder that music video viewership on CTV is on the rise.
After all, the music video was born on the television set, so I am excited to be part of the charge at Vevo to bring the music video back to its original home, the living room screen. As caretakers of music videos, we have built a vast distribution network for our content at scale, whether through Vevo-programmed linear channels or streaming VOD experiences. But as more and more consumers turn to their television screens to enjoy music videos, how does this translate into a real shift for the industry and the fan?
As a focal point of audience connectivity and fan engagement, Vevo sees and feels the impact of innovation. We deliver a first-class music video experience to fans around the world when and where they want to view them, while also serving brands and agencies as well as the talented artists we work with every day.
Now that Vevo has established a foundation with our global CTV distribution network, we are gearing up for a new phase of television with next-level capabilities that will drive our business forward. Coupled with our powerful content, we are on the precipice of a new type of media buy. Brands and agencies are noticing, too. At least half of our ad revenue is delivered on CTV — which is 10x what we saw the year before. We are a pillar of media that has re-emerged in a way that advertisers are certainly excited about.
In our Newfronts presentation, we teased what the Vevo of the future will look like and how fans will become the curator and owner of their Vevo experience, regardless of their platform preference. With such a vast collection of music videos, personalization is the next step for enhancing the viewing experience. That way, fans can both discover new videos and enjoy those that are most relevant to them.
Further, Vevo will continue to produce and provide only the most high-quality, artist-centric content, in which artists can truly connect with their fans. Through our carefully curated original content series, our audiences also have access to the most exclusive performance content. In March, for instance, Samsung TV Plus users were able to watch an exclusive extended edit of a Vevo-produced Official Live Performance created with The Weeknd to celebrate the ‘After Hours’ album in the manner in which the artist originally intended.
The newly enhanced Vevo will drive longer tune-in, putting us at the center of any television viewing experience. Our new programming line-up will also heighten the artist’s participation in our platform and help us curate and cross-promote music videos. In addition to previous options, such as specific genre playlists, programming will focus around moods, themes, and key cultural events like Black Music Month, the Grammys, Pride or Women’s History Month.
In today’s hyper-connected media landscape, the premium nature of the TV screen cannot be ignored. When watching music videos, TV is a more immersive experience and the best visual representation of the art form.
Moreover, TV aligns with our core mission to maximize the commercial and promotional value of the music video — it creates an additional revenue stream that goes back to the artists and songwriters we represent through our content partners. With Vevo back in the living room, we are monetizing and programming music television unlike we have seen in previous eras.
This is the right moment for Vevo to make our mark; the market is watching us and we welcome the chance to have a broader audience among the consumer shifts to connected TV. Vevo is music television — like it was meant to be.