Vevo is an upcoming music video website that will be similar to Hulu. Rio Caraeff is the head of Vevo and the company is rumored to have raised $300 million. The company expects to stream about 450 million videos per month. The company will be ran by about 45 people initially.
Vevo is co-owned by Universal Music Group, Sony Music, and Abu Dhabi Media. Vevo will be powered by YouTube’s technology and they will be sharing ad revenue with each other. Vevo will be launching officially on December 8.