Vevo is a music video website that is a joint venture between Universal Music, Sony Music and YouTube. According to sources with paidContent, the company is out seeking funding based on a $300 milion valuation. Vevo CEO Rio Caraeff has been travelling across the country to meet with potential investors in order to get the project off the ground.
Vevo will be based on of New York City and Los Angeles. The company has been hiring engineers over the last several months. As of right now, it is unclear whether EMI and Warner will join the venture. As for Warner Music, CEO Edgar Bronfman has spoken against the idea publicly.
I would not be surprised if other labels jump on the opportunity to work with Vevo in the near future. Hulu has proven to the world that web video could replace television just like it could do with music television. Vevo can be followed on Twitter.com/Vevo.