By Sahil Patel
Vadio, a Portland-based online video technology startup that delivers music videos to audio streaming platforms, has raised $7.5 million in Series A financing and named Yair Landau, former vice chairman of Sony Pictures Entertainment and president of Sony Pictures Digital, its new chairman and COO.
The Series A round was led by Marker LLC, with existing investors including Rogue Venture Partners, Manatt Digital Media, Amplify, Mucker Capital, and Wieden+Kennedy also participating.
The capital will go toward growing the number of partnerships Vadio has with music streaming services and publishers in the industry.
The company’s technology allows streaming music providers — from the websites of radio stations to direct-to-consumer services like Spotify, Tidal, and Pandora — to embed video channels within their sites and mobile and OTT apps, and then monetize those channels and videos via ads. Last year, Vadio secured a deal with Vevo, which gave it access to more than a 100,000 official music videos from the latter’s catalog.
“I believe any digital platform that can incorporate video, will incorporate video,” says Bryce Clemmer, CEO of Vadio. “Therefore there is an increasingly high demand for visual content, specifically music videos — viewership of music videos online in the U.S. has grown more than 800% in the last six years — so Vadio is in a position to deliver a turnkey solution to existing streaming music services by providing the capability to quickly incorporate premium music videos.”
In total, Vadio’s services are available in 15 countries, including the UK, where it has partnered with Virgin Radio, and Australia, where it recently launched with Lachlan Murdoch’s Nova Entertainment. Next is for the company to grow in the US and other territories.
Helping lead that charge will be Landau, who spent 17 years at Sony overseeing the studio’s earliest internet ventures. He will focus on building partnerships for Vadio among the top music and media companies in the industry.
Landau won’t be the only new face at Vadio. The startup has also added Rio Caraeff, long-time music industry veteran and the former CEO of Vevo, to its board of advisors. “Part of his role as an advisor is to work with our team to find new ways to make video streaming more available to the music industry,” says Clemmer.