By Peter K. Lam
Universal, Sony and EMI will start a music video site called Vevo which will launch Tuesday, December 8, 2009, reports The New York Times. The music video’s will be hosted by YouTube and will deliver high quality video to the viewers. I didn’t hear any news about this new business venture between these large music studios until just now. I don’t know how long they’ve been planning this but it’s definitely a good idea. I’ve done my fair of music video searching on YouTube and for the most part they are from users who rip the video from their Tivo or other DVR device. There are already some music studios and labels that put higher quality music videos on YouTube for viewers. Having this new website will centralize all the music videos and give users easier access to what they want to see.
Not only that, the revenue potential from online advertising with this kind of site is huge! There are many music enthusiasts in the world. Create a website catering to this demographic and having advertising directed to this group would significantly increase possible revenue. With a good chunk of the music studios on board, the revenue will definitely help out the ailing music industry.
A couple of reports say that Vevo will launch Tuesday evening while others say it will launch some time during the day. I’m not sure of the exact time but just keep an eye out for the launch of the new site.