Vevo is an online music video website owned by Sony Music Entertainment, Universal Music Group, EMI and Abu Dhabi Music Company, that is developed and hosted by YouTube, Sony, and Google, with content being initially provided by
Universal Music Group. It has begun operations from the midnight of 6th December, 2009. 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 not designed to be exclusive to Universal, but currently only Universal is signed up to offer its content. Universal CEO Doug Morris claims it plans to work with other record companies to host content from elsewhere.
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.
source: wikipediaVevo
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