YouTube and Universal to launch premium music site

Google's YouTube and Universal Music Group, the world's largest music company, said on Thursday they will launch a premium music video website as they bid to increase revenue from YouTube's huge usage. Reuters reports.

The new advertiser-supported site, featuring professional videos, will be called Vevo and is expected to launch in coming months, the companies said.

Vevo is an attempt to address this disparity between YouTube's popularity, it has 100 million users in the U.S. alone according to comScore, and its relatively low advertising rate or CPMs (cost per thousand page views) as it is called.

The new site will be a music video hub wholly owned by Universal, a unit of French media group Vivendi.

emily | 8:38 AM | News, Buzz |
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