EMI, Sony, Universal to Start Music Video Site Called Vevo

By Jabari Oliver

According to The New York Times, a new website for music videos called VEVO will be introduced on Tuesday evening. The Abu Dhabi Media Company, Universal Music Group, Sony Music Entertainment all co-own VEVO. They will launch it at a time that the music industry is experiencing drastic changes due to the new technology. This will be the latest move for top music labels to generate more income for their content.

They signed on a third major label, EMI Music, to serve as a video provider, leaving out the Warner Music Group as the last of the “Big Four” to be involved with VEVO. Sources say negotiations are being held to sign them on as soon as possible.

Google’s Youtube will stream the videos held on VEVO which is predicted to host 30,000 videos by the end of the year according to VEVO’s chief executive, Rio Caraeff. To uphold the exclusive nature of the website, it will feature original programming by the artists themselves for their fans.

VEVO has also been compared to web TV site HULU which provides television programs owned by television networks.

“Vevo will work to restore the premium luster around music video inventory,” Mr. Caraeff said.

VEVO also looks to gain a higher share of revunue from advertisers compared to the  past where music labels would license out their videos to gain high ad rates.

VEVO is expected to announce 15 advertising partners on Tuesday.

Check out Kid Cudi prepping viewers for VEVO: