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YouTube and Universal to Launch Vevo - A Premium Music Site
11 Apr 2009
Google's YouTube and Universal Music Group, the world's largest music company, will launch a premium music video website as they bid to increase revenue from YouTube's huge usage.
The new advertiser-supported site, featuring professional videos, will be called Vevo and is expected to launch in coming months.
The new site will be a music video hub wholly owned by Universal, a unit of French media group Vivendi. It will feature higher-quality videos, as opposed to the typical grainy and often user-generated videos on YouTube.
Universal and YouTube will share advertising revenue generated by the site. Both sides bets that building a premium site will help increase advertising rates.
The idea is for Vevo to attract big-name advertisers and other content-owner partners. Vevo will also serve as a syndication platform called the Vevo Music Network which will power music videos on partner sites.
Tags
youtube, universal, vevo, music site, google
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