Digital Trends
Back in April, Google’s YouTube and Universal Music announced plans for a new joint venture music video site called Vevo, with the idea of breaking music videos from major labels out of the amateur-land of YouTube and onto a premiere destination which would get lots of traffic and be able to generate more ad revenue. In June, Sony said it would get on board with Vevo, and now industry reports have Vevo in talks with NBC and CBS to license content to Vevo—and maybe even develop Web-based shows.
Sony Music Entertainment has announced it will be joining rival Universal Music in Vevo, a new premiere music video service being developed by YouTube. Vevo, formally announced back in April, is intended to be a premiere site for major labels music videos, rising above the cacophony (and amateur antics) of the larger YouTube community. Vevo will be supported by ad revenue, and Universal and YouTube hope the service will command higher advertising rates based on its premium content.
Vevo is being set up as a wholly-owned subsidiary of Universal; financial terms of Sony Music Entertainment’s arrangement with Vevo were not disclosed.
After rumors emerged last month, Universal Music Group and Google subsidiary YouTube have made it official: the two companies are working together to launch a new premium music video Web site dubbed Vevo. Vevo will be a wholly owned subsidiary of Universal, and will be supported through advertising revenue that will be split between the two companies. The hope is that by building a premium site, top music and entertainment brands will be more comfortable distributing material through Vevo than they are in the Wild-West environment of YouTube…and, of course, that Vevo will be able to charge premium ad rates for the site.
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