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    Fri, 10 Apr 2009 14:10:38

     YouTube, Universal Form Partnership  - For a new ad-supported site

    Universal Music Group and YouTube announced their very own ad-supported video site on Thursday. Vevo will feature high-res videos and go after major brands that have been wary of the varying quality of YouTube clips.

    “The rationale is to help make Vevo a place that brands feel more comfortable,” Rio Caraeff, the executive vice president of Universal's eLabs, said in a statement. “Ultimately we think it will increase in effect the CPMs (cost per thousand page views) and drive more revenue to YouTube and more revenue to the music business than they can have today.”

    Universal Music and YouTube will split Vevo’s ad revenue. They hope to have videos from all of the industry’s major labels before launch, too, because as Caraeff admits, “The feedback from the fan and advertiser is that ultimately they want all of the premium music content and not just Universal Music Group.”

    —The ARTISTdirect Staff

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