YouTube and Universal Music Group's "Vevo"
LOS ANGELES— Google’s video-sharing website YouTube and the Universal Music Group announced Thursday that they will launch a new premium music website.
Vevo, the soon-to-launched ad-supported website will feature professional videos and the entire music catalog of the Universal Music Group. The site will be launched in the coming months.
With the new music website, users can embed players to their social-networking pages as well as other sites. The free-to-view version will carry advertisements, including video advertisements of up to 15 seconds before the music video. The player will also include a button that will enable users to easily purchase the music digitally through the iTunes Music Store or Amazon.
“We believe that video is the best opportunity for revenue generation right now.
“The advertisers and brands are more comfortable with video as a vessel for their message and their advertising spend [sic]. Streaming audio is harder to monetize under an ad-driven model right now, said Rio Caraeff, executive vice-president of Universal’s eLabs digital business strategy unit.
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