Universal Music And Google (GOOG) To Launch A Music Video Site

Universal Music Group and Google (Nasdaq: GOOG) are now partners in the music-video business, according to Cnet. They are working on a new music and video entertainment service called Vevo that is set to launch later this year.

Google's YouTube will handle the technology while Universal Music supplies the content. The two companies will share ad revenue. The companies said currently it appears that Universal's content and artists will be the only label represented on the site. However, Google and Universal are in negotiations with other top record labels to join the venture.

This is actually the first time that Google's YouTube has launched a satellite Web site, but Google's CEO Eric Schmidt said he hopes there will be more.

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