During a panel discussion today at the paidContent 2010 conference in New York, Caraeff said that Vevo’s mission was misunderstood from the start — that the company was not meant to just create a destination site at Vevo.com, but to reach music-loving audiences wherever they might be. Caraeff said it wasn’t Vevo’s goal to change human behavior and drive audiences to a single site that, before last December, didn’t even exist. Instead, Vevo was formed to aggregate audiences through a wide array of distribution partner sites, including YouTube, AOL and others.
Creating a Boxee app would not just extend its reach to the nearly 1 million users that have downloaded the Boxee software, but it would also enable users to watch those videos on their TVs. Many Boxee users already use its software as a media center for connecting their laptops or other computing devices to HDTV sets, but the company will soon be coming out with a broadband-connected set-top box that will offer the same functionality.
Already, Vevo has taken over the online music video scene, ranking above sites like MySpace Music, AOL Music, Warner Music and MTV Networks Music with 35.4 million unique users in its first month in business. But a number of those users are counted as part of the Vevo Network, which includes distribution on YouTube and other third party sites.
Vevo’s network approach runs counter to the approach taken by Warner Music Group, which has chosen instead to silo most of its video assets. While Warner Music does distribute its music videos through YouTube, Hulu, and its own artist sites, Caraeff said that strategy lacks the same sort of scale that Vevo enables through its own audience network.
Vevo was formed as a joint venture between Universal Music Group and Sony Music Entertainment, with financial backing from Abu Dhabi Media Co. and technology backing by YouTube, as a way to get more value from music video assets. As a result, it has created a consistent playback experience across its network of distribution sites, and also sells advertising across the entire Vevo Network.
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