Vevo looks for funds
June 22, 2009
Vevo, the planned online music video service announced by Universal Music and YouTube in April, is seeking outside investment from advertisers after signing up its second large record label. Sony Music Entertainment announced that it would join Vevo, highlighting the proposed site's "attractive, clean and intuitive environment that appeals to fans and advertisers alike".
Sony will take an undisclosed equity stake alongside Vivendi-owned Universal in the joint venture, which will pay Google's YouTube video sharing site for services including helping to build the technological platform on which it will run. Vevo is expected to launch this autumn.
Universal and Sony said the partners were also "exploring additional strategic participation by third-party investors to join this innovative entertainment platform as equity partners".