Vevo is a music video website in stealth mode that was started by YouTube and Unviersal Music. The company is currently seeking funding and is reportedly finding partners for their content. Reuters recently revealed that CBS Corporation and NBC is in talks with Vevo to license and develop shows for Vevo. Vevo is expected to officially launch in December and will have high quality music videos. The website will also have music-related shows streaming.
YouTube will be providing the technology and back-end for the website while Universal Music will provide the content. Sony Music is also on board with Vevo, but it is Warner Music and EMI have kept their distance thus far. Rio Caraeff is currently the CEO of Vevo. Vevo will make money from the advertising banners and text laced throughout the website. Since the quality of video will be higher, Vevo hopes to have higher advertising rates than YouTube. About 40 people are being hired to work for Vevo.