Vevo is a company that works closely with the famous website 'youtube' to help promote music videos. It was launched in 2009 with the backing of three major companies; Sony music, Universal music and EMI. The main reason for the creation of this company was because global CD sales fell by $1.5bn last year. Rio Caraeff, the creator a Vevo, claims "if MTV was doing a great job paying royalties, if Youtube [was], there would have been no need for Vevo."
The idea of Vevo is that people worldwide can access music videos on the internet free of charge, it is funded by advertising.