President and CEO Rio Caraeff revealed the numbers yesterday at Billboard's Music & Money Symposium in New York. On top of its 37m users in the US, Vevo has 7m in Canada.
In certain instances its ad revenues have jumped dramatically since it launched. While the CPM (cost per thousand users) was around $2 (?1.33), certain partnerships with brands have pushed CPM up towards $20 (?13.30).
Caraeff estimated that 90% of users are coming to Vevo via sister site YouTube. This chimes with recent comScore numbers that suggest 92% of the site's viewers in December came via YouTube initially.
The company has been sharing a great deal of information recently, most notably the fact that it is delivering up to 35m streams a day on average in the US.
Caraeff also discussed how the service plans to evolve. This includes working with blue chip brands to create bespoke video content. Part of this will see the creation of short videos to promote emerging acts which are funded and sponsored by brands.