NEW YORK (Hypebot) –
WHO: Universal, Sony and You Tube put it together. The Abu Dhabi Media Company invested $300 million.
WHAT: Videos and other music related content, some of it exclusive, from Universal, Sony, EMI (who signed up just yesterday without an equity stake) and many indies, but not WMG. Ads from 20+ national brands including AT&T, McDonalds and MasterCard.
WHEN: Tonight (Tuesday 12/8). I hear its going live around 8PM Eastern.
WHY: Universal and Sony are trying to regain control of how their video content is presented on the net and to hold onto a larger slice of any revenue generated. The goal is to build a top music destination with enough traffic to attract major advertising dollars.
"“What we’re really doing is taking back control of everything…this is really like MTV on steroids, Universal CEO Doug Morris told CNet. We’re starting with that kind of audience. But now we’re in control of it. We don’t have to go through a middleman anymore.”