Universal Labels and YouTube Reach Deal For New Video Service

After complaining about the lack of ad revenues they receive from YouTube, Universal Music Group has struck a deal to create a new service to show off their music video library… with YouTube. The new site will be called Vevo and, according to Billboard.biz, the service “is designed as a central repository for all UMG video content initially — including music videos, interviews, concert footage and so on — and eventually to include that of the other major labels and independents.” So, essentially, YouTube is helping UMG create a competitor to their own service — a rock & roll ‘Tube.

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