Yesterday, Universal officially announced VEVO, a "premium music video service" in cooperation with YouTube. "The two companies, which will share ad revenue, expect the joint venture to be the largest music-video site in the United States upon launch."

More here: Paid Content article

Site will be here: www.vevo.com

Interesting Fact: Youtube is supposed to lose 470 million this year. Hulu is actually supposed to either match or beat U2b's ad revenue because their ad rates are so much higher. I'm skeptical this will catch on bc 1) it sounds like exactly what you can already do on U2B but with the added fuss of familiarizing yourself with a new site and 2) U2B will probably need to implement some sort of obnoxious hulu-style ad setup to actually make it profitable.

What it could do well though is be a new sort of smart TV channel system that actively programs to your taste.

ugh.

I'm really not looking forward to this... but we'll see. Strikes me as an excuse for Universal to use Google tech to develop a stringently moderated YouTube spin-off. And people won't bitch and moan about content control because the rules are in place from the start.