Universal Music Group and Google are to launch a new 'premium' music and video site called Vevo that they claim will be the biggest music video site in the US and the world.
Launching later this year, Vevo will be an online music video hub "for consumers, advertisers and content owners" that will blend Universal's content with YouTube's video technology and user community.
"We believe that at launch, Vevo will already have more traffic than any other music video site in the United States and in the world," says Doug Morris, Chairman & CEO of Universal Music Group. "This traffic represents the most sought-after demographic for advertisers, especially as advertising dollars continue their shift from old media to new."
"At Google, we are committed to promoting greater innovation and choice and are thrilled to be working with UMG in what will surely be an exciting new service for consumers, advertisers, content creators and the music industry at large," said Eric Schmidt, Chairman & CEO of Google.