updated 10:43 pm EDT, Tue July 2, 2013
Move intended to keep music videos off FaceBook
Google has announced that it has signed a new agreement with music video purveyor Vevo. The move keeps the 50.2 million users a month it draws on YouTube, and prevents the content from being added to FaceBook. The deal is said to be worth between $40 and $50 million, and as part of the deal, Google is investing in the company.
In a statement to The Verge, a YouTube spokesperson said "we made an investment in Vevo, we are excited by their future prospects and to provide YouTube users with the best possible music experience." Vevo is owned in a joint venture between the Abu Dhabi Media Company, Universal Music, and Sony Music.
Billboard reports that Vevo will use the investment for international expansion and to develop new music programming. The agreement was signed several weeks ago, but only confirmed by the search engine giant today.