Universal Music Group and YouTube have answered the question of whether any of the major labels will be interested in joiningWeb site, Vevo.
Sony Music Entertainment has joined the venture, the companies said Thursday in a statement. Vevo will launch sometime later this yearfrom at least the two largest recording companies. (Universal is the largest.)
Some of the acts represented by the two labels include Amy Winehouse, U2, Bruce Springsteen, Duffy, Alicia Keys, Beyonce, Eminem, AC/DC, Kelly Clarkson, Lady Gaga, Carrie Underwood, Mariah Carey, Akon, The Killers, Mary J Blige, Black Eyed Peas, and Justin Timberlake.
Warner Music and EMI have yet to sign up, but music industry sources say that talks between the companies continue. Vevo is the brainchild of Universal Music CEO Doug Morris, who has long dreamed of a standalone video site where his artists' music videos would be the marquee product.
MTV turned music videos, which were once considered little more than a promotional tool for the labels, into a gold mine 30 years ago. Since then, music videos are far and away the most popular content on YouTube.
Vevo will not only feature traditional music videos, but possibly also present reality shows, video blogs, and other content built around artists. Universal said in the statement that it is also looking for outside investors.
While the labels will supply the content for Vevo, YouTube will look after all the back-end chores. Vevo will likely name formeras president.