It’s been reported that both Google and Facebook have been competing over a possible larger investment in music video platform Vevo. CEO Rio Caraeff stated earlier in the year that the platform was focused on expansion, and funds from the search giant or the social network would facilitiate this growth. Caraeff had stated in March, “we’re in a good position. Content is king. We’re seeing a lot of distribution partners take an interest in that content as a way to differentiate their services. We’ve had a lot of people reach out and say, ‘What more can we do together beyond just having the player on our platform?’ We’re talking with everyone about a more in-depth relationship; we’ve nothing to announce.”

Vevo’s present deal with YouTube is finished at the end of this year, so Google and Facebook are exploring investment options. Vevo has likewise signed up with investment bank Allen & Co. to explore its own options, which might include bringing in a new investor, selling outright or going public.

Vevo had recently launched a redesign, and has seen a 600% boost in Facebook-published content viewership.The new player has taken advantage of Facebook’s Open Graph, and saw six times as many Facebook-watched videos since February, putting the latest count at 4.5 million. New user registration is also up by 142%, with the platform adding 500,000 new members. VEVO Facebook impressions were up 181% as well, at 171 million. Basically, it wouldn’t seem like a such a bad idea for the platform to more officially look at the social network.

Though, YouTube is still Vevo’s top partner channel, garnering the platform 48 million unique viewers in April. Presently, Vevo is the third largest video streaming site online, behind Google and Yahoo!. Facebook sits at fourth place. As a whole, VEVO logged 254 million video streams worldwide during Q1, 2012, a 32% jump from Q4, 2011. iPhone and iPad views were up as well, at 28% and 22% respectively. Engagement is also up as well, with viewers watching an average of 4.3 videos in March, up from 3.8 in February, spending 15.2 minutes on the site, up from 13.1. Vevo has some decisions to make at year’s end.