Youtube and Universal have been in talks recently to launch a new premium site for music and other promotional videos. The name attached to the project at this point is Vevo and it is way that Google can make revenue from Youtube, which they have not done effectively since its purchase in 2006 for 1.65 billion.

Supposedly the plan is to make a stand alone site that offers premium content not only from universal but other major record labels. Youtube plans to include Sony Music, EMI Group and Warner Music Group to the project. The concept derives from the successful NBC site, Hulu, where premium tv shows and clips are available for streaming.

Now, when I hear premium, I’m always taken back because I know it’s just code for paid service. However in this case, I think premium refers to just the advertisers, and the amount they are going to have to pay for placements. At this point though, there are so many uncontrolled video sites that it makes me doubt how effective this will really be..but we’ll see

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