The Washington Post is reporting that Universal Music Group and Google have finalized a deal to create a new music video service called Vevo, a site billed as a “premium online music hub built for consumers, advertisers, and content owners,” which is expected to launch before the end of the year. The two companies will share advertising revenue generated by the site. Under the agreement, Vevo will exist as a central repository of all UMG video content, including music videos, interviews, concert footage and so on, with YouTube providing the technology behind it. The two companies say that at launch the site will have more traffic than any other music video site on the web. Users will be able to access the content through the main hub at VEVO.com or through a VEVO channel on YouTube through a VEVO branded player. Vevo will service the content to other streaming video services online, starting with YouTube. As its existing licensing deals with others such as Yahoo, MTV and AOL expire, those too will syndicate their content from Vevo. UMG CEO and chairman Doug Morris is charged with bringing the other major and independent labels on board.
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