Music Labels Betting Vevo is Next MTV

Site already has 30,000 videos, but will users come?

Last Updated: December 10, 2009 @ 5:58 AM

Launched on Tuesday, offers music from both Universal and Sony, as well as EMI Music, and contains programing from CBS radio stations and, both owned by CBS Corp. In all about 30,000 videos are available.

The idea is to create an MTV for the digital age, a music site where all the latest and archived videos can be found. It’s a business model similar to that of Hulu, the popular TV and movie site.

Vevo’s debut comes as music companies are losing revenue and profits at a rapid tick due to the combined impact of falling sales of CDs, online piracy and evolving methods fans discover new music.

Read more from Reuters.