Last month, it was announced the giant global music video site VEVO had arrived inAustralia. Through a strategic tie-up with MCM Entertainment, the VEVO service was finally made available to Australian eyes.
VEVO is the default choice for people looking for music videos. The numbers are significant. Estimates put VEVO’s local audience at over 2m people a month (MCM claim 5.5m; Nielsen Answers places the figure just below 2m) and 50-60m video streams in the same time. For MCM its another piece in their video puzzle – which has been building since 2009 when they launched their Digital Entertainment Network (DEN).
In my opinion, VEVO offers the first real competition to pay TVs dominance of music videos and the advertising that surrounds it. Channel V, Music Max, V Hits, MTV Classic, CMC – have been the go to for advertisers wanting to reach a younger, music keen audience with TVCs. Online video – whilst in demand for advertisers – had struggled to provide similar reach and frequency.
VEVO changes this. It injects a huge store of inventory into a market hungry for it. MCM has also cut deals with ARIA (it powers the video on their websites) and it has its own assets in Take40 and the Hot Hits. It has positioned itself nicely to take on MCN and Ignite with a much fresher advertising offering around filmed music content. Advertisers will be excited.
Most importantly, however, users will be really excited. VEVO gives them access to what they want, when they want, on the device they want. The VEVO repetoire is deep. The technology works. Why wait for your favourite song to appear on V, in between ad breaks and station promos, when you can search for it and be playing it within seconds?
Digital media needs strong, game changer products to really migrate TV spends online in a meaningful way. VEVO is one of these. It will allow advertisers to move spend away from music TV channels and into online without risk but with plenty of data driven upside. It will allow advertisers to work on bespoke content and deliver it online only to audiences that have the scale required to justify the investment. Just look at what VEVO has done in the US with initiatives like Unstaged with American Express.
And let’s not forget what might happen if VEVO was to sign a deal directly with Apple TV, or Xbox360, or a TV manufacturer, and pipe its content direct to the big screen and the lounge room.
VEVO is here in Australia and its an exciting time. Even as an employee of a competitor I feel its something to celebrate.
An edited version of this article first ran in Encore.