There’s smoke around VEVO. Is there fire?
This is either a case of bad timing, or an indication of something seriously wrong at VEVO.
Earlier this week, the company said goodbye to their head of product, Mark Hall. That departure comes just one month after the resignation of their recently-hired CEO, Eric Huggers.
Huggers went to Bandcamp. We’re not sure where Hall is headed (if anywhere). What we do know is that both individuals jumped shipped within a month of one another. And that means more departures could be ahead.
Hall’s departure was first tipped by Variety. “Hall’s exit raises further doubts about the future of Vevo’s product strategy,” the publication noted.
But far broader questions are ahead. VEVO has traditionally been a supplicant to YouTube’s massive traffic flows, with a premium add-on approach. The platform has been trying to diversify into new areas, reducing its dependence on YouTube. But nothing has caught fire yet.
Additionally, we’re hearing little on efforts to build a paid subscription tier. Whether people are willing to pay for videos is a tough question, especially with YouTube offering everything for free. But Huggers was apparently pursuing the idea, to no avail.
Perhaps Huggers was pushed because of a major shift in strategy. Or, maybe Huggers wasn’t executing on the strategy in place — or faced too much internal resistance. Either way, VEVO’s chief financial officer, Alan Price, is currently leading the ship, according to Variety.
Separately, YouTube seems to be tinkering with yet-another subscription idea. But whether ‘YouTube Remix’ will prove profitable for the music industry remains questionable. YouTube’s earlier premium launch, Red, never matched its hype — and never materialized into anything substantive for major labels like Universal Music Group.
Back at VEVO, no word on who’s likely to replace Huggers and Hall. Or, if anyone else currently eyeing the exit door.