SONY JOINS UMG'S VEVO

Sony Music Entertainment has now joined Universal Music Group to create VEVO, the new YouTube-powered music video and entertainment service that was the brainchild of Doug Morris.

The content will be made available on YouTube through a newly created VEVO channel at VEVO.com and branded, embedded player. The service will also serve as a syndication platform for additional Internet destination sites. The VEVO principals are currently exploring additional strategic participation by third-party investors to join as equity partners.

Said Morris: “We are delighted that SME has joined us in this exciting new service that will further transform premium music content into a legitimate commercial enterprise that benefits fans, artists and advertisers. VEVO will harness the power of the enormous traffic generated by YouTube and direct it to a dynamic destination created specifically for consumers and advertisers alike. That's right, yet another way to avoid doing actual work at your desk.”

Commented Schmidt-Holtz: “We are excited to be participating in VEVO with Universal Music Group. SME is committed to delivering the best possible music experiences to consumers and with VEVO, we share a common vision of offering music videos and other premium video content from some of the world’s greatest artists in an attractive, clean and intuitive environment that appeals to fans and advertisers alike. We look forward to working with VEVO to develop a first-class destination that will attract a massive online audience from day one, boast some of the most desirable demographics on the Web and develop new and innovative ways to monetize music video. And give bored office workers something to do.”