Vevo has big plans, and it’s seeking big bucks to execute them.
The video hosting service has enlisted the help of Goldman Sachs as it tries to raise as much as $500 million in funding, according to the Financial Times. Whatever cash it manages to raise will go toward expanding overseas, creating more original videos, evolving its apps, and building out the infrastructure, manpower, and licensing deals it needs to launch a subscription service.
Started in 2009 by Universal Music and Sony, Vevo hired a new CEO earlier this year and is busy investing in original, MTV-style programming, in addition to working toward its subscription service. But first, it needs money. Lots of it.