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Discuss this article (0 Comments)ADMC invests in new YouTube powered venture
by This email address is being protected from spam bots, you need Javascript enabled to view it on Monday, 19 October 2009
YOUTUBE POWER: ADMC has invested in VEVO, a new music video content venture powered by YouTube.
Abu Dhabi Media Company (ADMC) said on Monday it had invested in a new premium online music video and entertainment powered by YouTube, which is due to launch later this year.
ADMC has joined Universal Music Group (UMG) and Sony Music Entertainment (SME) as founding shareholders in VEVO, the company said in a statement.
Funding from the shareholders will enable VEVO to come to market with an attractive premium music offering for consumers and advertisers alike, it added.
The amount of the investment by ADMC, which is owned by the government of the UAE, was not disclosed but Wall Street Journal-owned blog MediaMemo said it valued VEVO at $300 million dollars.
Launching in the United States and Canada later this year with a further international roadmap to be announced, VEVO is set to be a premium destination and syndication network for the best in music video content that will leverage the massive traffic of YouTube.
"This global partnership flags Abu Dhabi Media Company's commitment to establish a leading position in the digital media industry. It is part of an integrated approach to expanding the global digital presence and brand portfolio of Abu Dhabi Media Company and it illustrates our partnering approach with innovators in digital media services and technologies", said Mohamed Khalaf Al Mazroui, chairman of ADMC.
ADMC will bring to the venture "important funding support and a team with enormous global media experience and insight", the statement added.
"VEVO will redefine the way premium music video entertainment is consumed, created and shared in a global community of music audiences," said Edward Borgerding, CEO of Abu Dhabi Media Company.
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