MUMBAI: Sony Music Entertainment (SME) has joined Universal Music Group (UMG) to create VEVO, the new premium music video and entertainment service conceived by UMG and powered by YouTube.
The announcement was made by Universal Music Group chairman and CEO Doug Morris and Sony Music Entertainment CEO Rolf Schmidt-Holtz. Terms of the agreement were not disclosed.
Music fans will be able to view professionally-created content from UMG’s and SME’s array of artists through VEVO, the innovative online premium music video hub being built for consumers, advertisers and content owners that will blend the very best in top-notch music content with YouTube’s leading edge video technology and user community.
The content will be made available on YouTube through a newly created VEVO channel, on VEVO.com, the service’s marquee destination site, and through a special VEVO branded embedded player. The service will also serve as a syndication platform for additional internet destination sites, expanding the reach of the VEVO brand across the worldwide web. In addition to the participation of SME and UMG, VEVO is exploring additional strategic participation by third-party investors to join this innovative entertainment platform as equity partners.
"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. 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," said Morris.
"We are excited to be participating in VEVO with Universal Music Group. SME is committed to delivering the best possible music experiences to consumers and with VEVO, we share a common vision of offering music videos and other premium video content from some of the world’s greatest artists in an attractive, clean and intuitive environment that appeals to fans and advertisers alike. We look forward to working with VEVO to develop a first-class destination that will attract a massive online audience from day one, boast some of the most desirable demographics on the Web and develop new and innovative ways to monetize music video," added Schmidt-Holtz.