Thursday, March 05, 2009

Vevo -- This Time YouTube Doesn't Want to Miss Out

Remember when NBC Universal and News Corp. announced their new YouTube "killer," Hulu, about 1-1/2 years ago?  Do you remember how virtually everyone -- including me -- was skeptical that a "traditional media" video destination site initiative would succeed?

Well, although Hulu certainly hasn't killed YouTube, most people view Hulu as having succeeded to date well beyond expectations.  Much like Saturday Night Live's "Lazy Sunday" video propelled YouTube into the mainstream, SNL's Tina Fey parodies of VP nominee Sarah Palin -- which were exclusively available on Hulu -- did the same for Hulu.  At the end of the day, there in fact is a need for a video site that goes beyond low quality "funny pet" videos.  And, the best part is that advertisers are willing to spend much more to be connected with video content that is high quality and professionally produced -- i.e., television programming for one.

Hoping to take a page from the Hulu success story, the Wall Street Journal and the Los Angeles Times report that Universal Music Group and YouTube -- strange bedfellows indeed, given YouTube's history with the music labels (Warner Music, as an example, pulled all of its content several months ago) -- are in discussions to build a new video site focused on music videos.  This time YouTube absolutely wants "in" on the professionally produced video content game -- and, more specifically, on the higher ad revenues associated with such content.  The new venture is tentatively call "Vevo."

The Vulcan mind meld of "traditional media" with "new media" continues ...