The rumours were right. Universal Music Group and Google have announced their joint venture, Vevo – a video site offering UMG's music videos, with advertising revenues shared between the two.In addition to the deal, the two companies have renewed their deal for YouTube itself, with UMG's publishing group included.Quite how this affects the ongoing row between Google and PRS for Music in the UK remains to be seen. The full press release is below for you to digest, and naturally we'll have more analysis next week. UNIVERSAL MUSIC GROUP AND YOUTUBE TO LAUNCH REVOLUTIONARY PREMIUM MUSIC AND VIDEO SERVICEVEVO – UMG’s Premium Music Service Powered By YouTube To Launch In Coming MonthsNEW YORK, NY and SAN BRUNO, CA, April 9, 2009 – Doug Morris, Chairman & Chief Executive Officer of Universal Music Group (UMG), the world's leading music company and Eric Schmidt, Chairman of the Board & Chief Executive Officer of Google Inc., today announced that UMG and YouTube, a Google subsidiary, are working together to launch VEVO, a music and video entertainment service that will feature UMG’s premium video content.In addition to VEVO, YouTube has renewed and extended its successful partnership with UMG that allows users to continue creating [...]
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