Universal, YouTube Team Up for Music Video Site

At last, a little peace and harmony between the music industry and the tech world. YouTube and Universal Music announced a deal today to create a new website called Vevo.com to show music videos, CNET reports. It will launch later this year, with YouTube—and parent company Google—providing the technology and Universal providing the talent.

As of now, only Universal artists will appear on the site, but the recording company's chief executive says he's in talks with other studios to change that. The two companies will share ad revenue. Vevo will be YouTube's first satellite web site, but probably not the last, says Google CEO Eric Schmidt. The venture fits in with YouTube's goal of trying to shore up its relations with the entertainment industry, notes CNET. (More Universal Music Group stories.)