VEVO is an online music video website owned by Sony Music Entertainment, Universal Music Group, EMI and Abu Dhabi Media Company. It is developed and hosted by YouTube, Sony, and Google. Google’s YouTube video service will host Universal content on the satellite website, making this the first time that YouTube hosts content off its main website. Through this partnership, Google and Universal will split ad revenues. It is expected to become the largest music oriented website on the Internet. Vevo is currently offering content from Universal Music Group, Sony Music Entertainment, EMI Music, Hollywood Records, Walt Disney Records, CBS Interactive Music Group, Big Machine Records, Concord Music Group, Lyric Street Records, ABKCO, Caroline Distribution, Fontana Distribution, INgrooves, IODA, RED and The Orchard, among many others.
A possible major reason behind the project is the competition that music videos have on YouTube. Warner Music Group apparently removed its content from YouTube in March 2009 for just this reason, but is said to be considering hosting its content on this new service. The concept for the site is described as being a Hulu for music videos and the plan may have arisen from the goal of attracting more high-end advertisers. Currently, it is believed that many advertisers are ambivalent to hosting advertising on YouTube’s site alongside user-generated video. In the future, the site could host more than just music videos, such as editorials, other types of videos, and user-generated content.
VEVO also has a nicely organized and often updated company blog featuring new content.
The photo above is CEO of Sony Music Entertainment & Co-Chairman of VEVO Rolf Schmidt-Holt speaking onstage at the launch of VEVO at Skylight Studio on December 8, 2009 in New York City. Check out dozens of other pictures from the VEVO launch at daylife featuring numerous big stars and major players in the music industry