Music: What is Vevo? The New Music Youtube? The New Digital MTV?
- Author: Faith-Ann Young
- Posted on: Thursday December 3, 2009 at 10:00 AM
- Filed under: exclusive, music, vevo, music industry, music videos, justin timberlake music videos, sony bmg, universal, warner
There's been a buzz in the music industry of recent....about this new thing called Vevo, which has the potential to change the music experience for all you music video consumers as you know it.
On December 8th, a BRAND-NEW MUSIC VIDEO SITE will be launched by two music labels, Universal Music Group and Sony Music Entertainment that is looking to be the Youtube of music videos (and more.)
What?
Who?!
How?!
According to Wired.com, "all of Universal Music Group’s video assets (music videos, interviews, concert footage and possibly backstage video) will live on Vevo, and that YouTube — and eventually, AOL, MTV and Yahoo — will embed Universal’s videos from Vevo rather than licensing the content directly from the labels."
What happens to Youtube, you ask? No fear, all your music videos will not dissappear from Youtube. Instead, Vevo rep Jennifer Press ensures that "at launch, music fans can watch VEVO content on VEVO.com or elsewhere on our VEVO Network including YouTube." "When viewing VEVO content on YouTube, a VEVO-branded watch page will come up so the YouTube user can enjoy an even greater viewing experience courtesy of VEVO."
Like in most business decisions, the most driving reason for this new site seems to be monetarily-related. Youtube is owned by Google. Under the current licensing agreements, each time you watch a Justin Timberlake video or other major label artists', Google must pay money to the label (first in an upfront sum, as well as per view, according to Web Pro News.) You can expect those fees add up over time.
Thus, while Google has agreed to supply some of their technology for Vevo, Universal and Sony have equity shares in the site. So the way we understand it, Vevo is giving the labels ownership and control of their own content, while Google is no longer stuck paying out of pocket for each music video view. It's a monetary win-win situation for all involved.
What's in it for you music fans?
Well, if Vevo is done right, it could be a really cool site. You remember when MTV used to play music videos 24/7? There's room for Vevo to dominate as the premier music video channel on the web - like a digital MTV. And who wouldn't like really cool, diverse behind-the-scenes perspectives of musicians, and concert footage that's better equality than fan-made youtube videos?
While this is a fascinating idea, there's still a bunch of open questions. Currently, Vevo "will only feature artists who are signed to one of our label partners," said Jennifer Press of Vevo (i.e. no indie artists or other label artists.) Also, only Sony and Universal have confirmed partnership with Vevo, though others labels may be announced later. (Wall Street Journal reported that Warner appears to have refused to sign onto this deal.) So right now it seems like Vevo's music video coverage will be limited to only a chunk of the music video pie - the catalogs of those two major labels.
Regardless, we are excited to see what Vevo looks like and how it's gonna evolve.
Look out December 8th for the new Vevo...
And till then, let us know what you think of the concept!
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