(Updated) YouTube is on the verge of getting its first real competition...or not.
Tucked inside yesterday's announcement that Universal and Sony backed music video channel VEVO had received major funding from the Abu Dhabi Media Company, was a mention that the investment was the "leading up to the launch of VEVO.com and VEVO on YouTube before the end of this year".
That's a tight timetable, and decisions like how the content on VEVO.com will vary from that offered VEVO on YouTube will be key to winning the race for viewers. If the two largest major label groups and their partners reserve key content for their own off YouTube channel, as well as offer deep catalog, VEVO could cause some significant virtual channel surfing.
But topping YouTube's massive user generated content alongside videos from all the majors and thousands of indies to create a definitive music destination is a tall mountain for VEVO to climb. Then again, being #1 has never been VEVO's purpose. Capturing more revenue from each visitor is; and that's a very different and more achievable goal.