Sony joins Vevo music video siteBy AP
Thursday, June 4, 2009
Sony becomes 2nd label on Vevo music video site
LOS ANGELES — Recording company Sony Music Entertainment has joined Vevo, an online music video site due to launch this year with the backing of Universal Music Group and YouTube. The music unit of Sony Corp. will take an equity stake in the venture. The other two major recording companies, Warner Music Group Corp. and EMI Group PLC, are also in talks on joining.
The service will operate at Vevo.com and have its own channel on Google’s YouTube, which will share ad revenue with the music labels. Plans are in the works to offer song downloads, merchandise and concert tickets.
It’s one of many ways that recording labels, faced with declining sales of compact discs, are experimenting with new ways of distributing their music online.
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