In addition, YouTube has renewed and extended its partnership with Universal that allows users to watch user-generated videos containing Universal music on YouTube around the world.
Launching later this year, Vevo will be a premium online music video hub. The two companies will also share advertising revenue on YouTube and Vevo.
YouTube will provide the technology infrastructure behind Vevo and host UMG's library of professionally-created music videos on the new site. On YouTube, this content will be exclusively available through Vevo.com and a new Vevo channel through a branded video player.
Doug Morris, chairman and chief executive of Universal Music Group, said: "We believe that at launch, Vevo will already have more traffic than any other music video site in the US and in the world. And this traffic represents the most sought-after demographic for advertisers, especially as advertising dollars continue their shift from old media to new."
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