Oil money now behind video site Vevo
The music-video site, which is due to open later this year, continues to attract investors.
Vevo, the online music-video jukebox, now counts an Arab media conglomerate among its backers.
Abu Dhabi Media Company, backed by the people from the United Arab Emirates, has made an undisclosed investment into Vevo, the companies announced Monday.
Universal Music Group, the largest record label, founded Vevo earlier this year. Sony Music Entertainment, second in size behind Universal, hasthe venture. support for the video service, which is scheduled to launch later this year.
According to previous press reports, Abu Dhabi Media Company was created by the oil-rich government of Abu Dhabi in 2007 to help expand media development in the country.
Vevo has attracted plenty of media attention, primarily because music videos are easily the most watched genre on YouTube. Universal's channel on YouTube is the all-time leader with more than 5 billion views. The next largest channel, Expertvillage, has 823 million views.