13 Apr YouTube and Universal to create a hub for music
SAN FRANCISCO — YouTube, the most popular online video site, and Universal Music Group, the world’s largest music company, said on Thursday that they would create an online hub for music videos and related content, called Vevo.
The agreement is the latest of many efforts by YouTube, which is owned by Google, to put more professionally produced content in front of its huge audience, and in turn, earn more money from advertising.
Music videos of Universal’s artists will be available both on Vevo.com, which will be owned by Universal and powered by YouTube’s technology, and on a Vevo channel on YouTube. The companies said they would share revenue from advertising on both sites, but declined to discuss specific terms of the agreement.
Google and Universal said they planned to introduce Vevo this year. They said they were working to persuade other major labels to join the site.
Read full article>>