By Steven Gottlieb on October 9, 2006 @ 9:48pm PDT |
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"What we really want to do is in six to 12 months, maybe 18 months, to have every music video ever created up on YouTube" - YouTube co-founder Steve Chen [source]
That ambition took a few more steps toward actuality with several announcements today by the video sharing site.
- Google announced that it will be acquiring YouTube for $1.65 billion in stock. Google will maintain the YouTube brand identity alongside its own Google Video. Read the Google/YouTube press release for full details.
- Universal Music Group and SonyBMG have both agreed to let their content be used on YouTube in exchange for undisclosed revenue sharing agreements. The deals will let YouTube offer official videos from both labels, while also allowing the label groups' music to be incorporated in user created content that is uploaded to the site. A similar agreement was struck with Warner Music Group in September. Full details are at the following YouTube press releases: UMG/YouTube, SonyBMG/YouTube.
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