Popular video-sharing website and Universal Music Group have recently announced its plan to create a music video site the will showcase singers and artists from the music giant.
According to Google which owns YouTube, the new website called VEVO is going to be introduced this year but failed to disclose the exact launching date of the online property.
Meanwhile, the video-sharing website and the music giant has renewed its contract that will allow Internet users to access video recordings of artists under the music giant from YouTube website. On the other hand, the two companies declined to provide additional details regarding the agreement.
When asked what will be the arrangement in terms of revenue, the two companies said that it will share advertising profit but did not reveal the percentage each will get.
Universal and YouTube also said that every content which will be made available in VEVO will be exclusive among its users, adding that the site will be the new online music hub for producers, Internet users, consumers, and advertisers.
In an interview, Universal CEO Doug Morris said they are expecting that VEVO will have the highest Internet traffic among music video websites worldwide, adding that they are already preparing to cater to a large online audience.
Meanwhile, Google CEO Eric Schmidt said the technology giant is gearing up to make sure that the new service will be useful for advertisers, consumers, content producers, and the overall record industry.
According to report, music video contents are the most popular in post in YouTube that it accounted for more than $1.6 billion revenue in 2006.
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