Music video service Vevo is looking to raise $500 million in funding from new investors, according to a report from the Financial Times. A Vevo spokesperson declined to comment when contacted by Variety.
The service would use the new funding for the launch of its planned subscription service, as well as further international expansion. Vevo has hired Goldman Sachs to help with the new fundraise, according to the report.
The cash infusion would come at a critical time for Vevo: The company has been working on becoming less depended on YouTube as a distribution platform, and built out its own apps and website, in recent months.
Vevo is also looking to launch a paid streaming service in the coming months to further that push for independence, and to more directly compete with Spotify and Apple Music.
Vevo is currently owned by Warner Music and the Universal Music Group, with Google and the Abu Dhabi Media Company holding smaller stakes in the company as well.