Vevo announced today it's phasing out "elements of our owned and operated platforms."

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"At Vevo, our objective is to grow the commercial and promotional value of music videos, fostering deep connections between artists and fans," the streaming platform shared in a statement

"Vevo will remain focused on engaging the biggest audiences and pursuing growth opportunities," it continued. "Our catalog of premium music videos and original content will continue to reach a growing audience on YouTube and we are exploring ways to work with additional platforms to further expand access to Vevo’s content."

According to Variety, the announcement means the platform will be closing its website, as well as Android, iOS and Windows mobile apps.

Users will be given a chance to import their playlists to YouTube before the website is shut down.

In the statement, Vevo also revealed it will invest more in original content, including their dscvr and LIFT emerging artist programs and new formats to be announced.

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