VEVO AND SONY MUSIC ENTERTAINMENT JOIN FORCES FOR WORLD-CLASS PREMIUM ONLINE MUSIC VIDEO SERVICE
Sony Music Entertainment (SME) Joins Universal Music Group (UMG) to Make Professionally-Created Content Available from Broad Array of Musical Artists
New York, New York, June 4, 2009- Sony Music Entertainment (SME) has joined Universal Music Group (UMG) to create VEVO, the new premium music video and entertainment service conceived by UMG and powered by YouTube. The announcement was made today by Doug Morris, Chairman & Chief Executive Officer of UMG, and Rolf Schmidt-Holtz, Chief Executive Officer of SME. Terms of the agreement were not disclosed.
Music fans will be able to view professionally-created content from UMG’s and SME’s broad array of chart-topping artists through VEVO, the innovative online premium music video hub being built for consumers, advertisers and content owners that will blend the very best in top-notch music content with YouTube’s leading edge video technology and user community. The content will be made available on YouTube through a newly created VEVO channel, on VEVO.com, the service’s marquee destination site, and through a special VEVO branded embedded player. The service will also serve as a syndication platform for additional internet destination sites, expanding the reach of the VEVO brand across the worldwide web. In addition to the participation of SME and UMG, VEVO is exploring additional strategic participation by third-party investors to join this innovative entertainment platform as equity partners.
“We are delighted that SME has joined us in this exciting new service that will further transform premium music content into a legitimate commercial enterprise that benefits fans, artists and advertisers,” stated Mr. Morris. “VEVO will harness the power of the enormous traffic generated by YouTube and direct it to a dynamic destination created specifically for consumers and advertisers alike.”
“We are excited to be participating in VEVO with Universal Music Group. SME is committed to delivering the best possible music experiences to consumers and with VEVO, we share a common vision of offering music videos and other premium video content from some of the world’s greatest artists in an attractive, clean and intuitive environment that appeals to fans and advertisers alike. We look forward to working with VEVO to develop a first-class destination that will attract a massive online audience from day one, boast some of the most desirable demographics on the Web and develop new and innovative ways to monetize music video,” commented Mr. Schmidt-Holtz.
About Universal Music Group
Universal Music Group is the world's leading music company with wholly owned record operations or licensees in 77 countries. Its businesses also include Universal Music Publishing Group, the industry's leading global music publishing operation.
Universal Music Group's record labels include A&M/Octone, Decca, Deutsche Grammophon, Disa, Emarcy, Fonovisa, Interscope Geffen A&M Records, Island Def Jam Music Group, Lost Highway Records, Machete Music, MCA Nashville, Mercury Nashville, Mercury Records, Polydor Records, Universal Motown Republic Group, Universal Music Latino, Universal Records South and Verve Music Group as well as a multitude of record labels owned or distributed by its record company subsidiaries around the world. The Universal Music Group o wns the most extensive catalog of music in the industry, which includes the last 100 years of the world's most popular artists and their recordings. UMG's catalog is marketed through two distinct divisions, Universal Music Enterprises (in the U.S.) and Universal Strategic Marketing (outside the U.S.). Universal Music Group also includes eLabs, its new media and technologies division; Bravado, its merchandising company; Twenty-First Artists, its full service management division; and Helter Skelter, its live music agency.
Universal Music Group is a unit of Vivendi, a global media and communications company.
About Sony Music Entertainment
Sony Music Entertainment is a global recorded music company with a roster of current artists that includes a broad array of both local artists and international superstars. The company boasts a vast catalog that comprises some of the most important recordings in history. It is home to premier record labels representing music from every genre, including American Recordings, Arista Nashville, Arista Records, Aware, Battery Records, Beach Street Records, Black Seal, BNA Records, Burgundy Records, Cinematic, Columbia Nashville, Columbia Records, Epic Records, Essential Records, Flicker Records, Fo-Yo Soul, GospoCentric, Hitz Committee Entertainment, J Records, Jive Records, LaFace Records, Legacy Recordings, Polo Grounds, RCA Records, RCA Nashville, RCA Victor, Reunion Records, Slightly Dangerous, Sony Music Masterworks, Sony Music U.S. Latin, Star Time International, Verity Records, and Volcano Entertainment. Sony Music Entertainment is a wholly owned subsidiary of Sony Corporation of America.