3/6/09 Universal Teams With YouTube For New Website

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Universal seems to finally grasp the concept that the future of music is virtual and YouTube is a major factor in promotion. New reports say that Universal Music Group is currently working on a deal to partner with YouTube to create a new website called "Vevo" (as of now). The new site will apparently carry premium music-related content and generate higher advertising and per-pay rates than currently available through YouTube.

Universal Music Group is the parent company for such labels as Interscope and Def Jam which are the homes to big name artists like Eminem, Jay-Z, Lil Wayne and 50 Cent. Financial terms of the potential deal are still unknown but the two media giants new site will probably cause the remaining big labels (Warner Music Group, EMI and Sony BMG) to create a similar deal.

Source: http://www.rapbasement.com/rap/030609-u ... ntent.html