Home › DMW Daily › June 4, 2009

Sony Music Joins Universal, YouTube for Music Video Venture

Authored by Mark Hefflinger on June 4, 2009 - 10:38am.
*A correction was made to this story.

New York - Universal Music Group announced on Thursday that fellow major record label Sony (NYSE: SNE) Music Entertainment has been added to its VEVO music video site partnership with YouTube (NASD: GOOG). Announced in April, the ad-supported VEVO will operate both a standalone site featuring music videos and other video content from Universal and Sony artists, as well as a VEVO YouTube channel and branded embedded player.

The companies said that they are also seeking third-party investors to join as equity partners in VEVO, which is expected to launch later this year.

"We are delighted that SME has joined us in this exciting new service that will further transform premium music content into a legitimate commercial enterprise that benefits fans, artists and advertisers," said UMG chairman and CEO Doug Morris.

"VEVO will harness the power of the enormous traffic generated by YouTube and direct it to a dynamic destination created specifically for consumers and advertisers alike."

CNET reported last month that Rio Caraeff, executive vice president at Universal's eLabs, is expected to be named to head VEVO.

*YouTube contacted DMW to clarify that VEVO is not a "joint venture," in the sense that YouTube has no equity stake in VEVO.

 

Related Links:
http://snipurl.com/jga82 (DMW previous coverage)

http://www.vevo.com

Published in DMW Daily, June 4, 2009
tags: Video | Music | Universal Music | Music Videos | YouTube | Sony Music | Vevo |



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