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.
"We are exciting to be participating in Vevo with Universal Music Group," said Sony Music Entertainment CEO Rolf Schmidt-Holz, in a statement. "Sony Music Entertainment is committed to delivering the best possible music experiences to consumers and with Vevo, we share a common vision of offering music videos and other premium video content from some of the world’s greatest artists in an attractive, clean, and intuitive environment that appeals to fans and advertisers alike."
There’s still no definitive word on when Vevo plans to launch its service. Vevo is also looking into into partnerships with other third-party investors.
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