Vevo was founded in 2009 and backed by Sony Music, Universal and Abu Dhabi media. The service intended to monetize music videos and bring in higher revenue directly to record companies. However, it seems that YouTube is just too big to compete with at the moment. Vevo, an abbreviation for 'video evolution' hasn’t really done what it set out to do. Instead, it has only delivered videos from big labels to YouTube.
Late last year Ex-chief Erik Huggers stepped down in order to facilitate restructuring at Vevo. But the downfall was predictable as more C level staff were let go and users flocked to YouTube to watch Vevo licensed content.
Vevo announced that it was shutting down its consumer website and apps. This includes Vevo’s iOS, Android and Windows apps. This is great news for YouTube as it just launched Youtube Music in select markets and it awaits Amazon Echo's speculated entry into the video streaming market.
Although some sources claim this could be the end for Vevo. The service has reiterated that they will continue to stay operational and focus on advertising and releasing original content through YouTube.