Vevo has announced that interim chief executive Alan Price has officially secured the chief executive officer (CEO) job.
Price has served at Vevo for nine years, first joining as chief finance officer. One year ago he was named interim CEO. He has now secured the CEO role.
His focus will continue to be on monetising the group’s music video inventory. Furthermore, he will look to drive the reach of the platform and increase its original content output.
In 2017, the group’s revenue jumped by 30% to $650m in 2017. This was generated by a reported 25bn views a month. The company is co-owned by Universal and Sony as a means of monetising their music catalogue. Ad-funding is a major cornerstone of its earning power. Unlike Spotify, it does not have a paid tier.
Universal Music Group and Sony Music Entertainment issued a joint statement: “Alan Price is a seasoned music executive and proven leader who has played a key role in Vevo’s growth and development for almost a decade.
“His deep understanding of Vevo’s mission and his long track record of success make him the ideal choice to lead the company forward as we continue to support and invest in providing fans with the best premium music video programming.”
On the promotion, Price added: “It’s an honour to be named CEO of Vevo. Having worked at Vevo since launch, I feel privileged to lead the entire team as we continue to amplify our unique offerings; allowing artists to creatively tell their stories while growing an advertising-based revenue stream that benefits artists, and our label and brand partners.”