NEW YORK (VIP NEWS) — The Vevo online music video service, a joint venture between UMG and Sony, is expected to launch Dec. 8, according to sources close to the company.
The launch will kick off with an invite-only party at Skylight Studios in New York’s Tribeca neighborhood for key executives and advertising partners.
The joint venture between Universal Music Group and Sony Music Entertainment is a YouTube-powered online destination for all music videos and other video assets from the labels involved. No details yet on whether other labels will join the venture by the launch date.
Rio Caraeff, formerly executive VP of UMG’s eLabs division, is CEO of the new venture. He and his team have spent the last several months generating both outside investment and advertising partners. The company scored investment from Abu Dhabi Media Company at a reported $300 million valuation, and named AT&T as its first significant advertising partner. –According to Billboard