Universal Music Group and YouTube have announced plans for a music video website with artists from the world’s largest music company, the latest industry bid to pull revenue from the Internet. Universal, a subsidiary of France’s Vivendi, and Google, which owns YouTube, said Thursday that the website, to be called VEVO, would be launched later this year.
Universal and YouTube also said they had renewed an agreement that allows users of YouTube to use music by Universal artists in user-generated videos on the popular video-sharing website. Details of the agreement were not disclosed.
The two companies said in a statement that they will share advertising revenue on YouTube and VEVO.com, which they described as a "premium online music video hub built for consumers, advertisers and content owners."
Via Yahoo News