The tech giants are competing for an equity stake in Vevo as well as a lucrative advertising deal with the site, according to a New York Post report that cites two unnamed sources familiar with the situation.
Vevo is an independent music video company created in partnership with Universal Music Group, Sony Music Entertainment, and the Abu Dhabi Media Company. The video service is currently generating 45 billion video views a year, and it plans to expand beyond the U.S., Canada, and the U.K. to six additional countries in 2012.
Initially, Vevo grew in popularity thanks to its presence on YouTube by having the rights to all the official music videos from popular artists. However, the music video service experienced a huge boost in traffic and engagement after integrating with Facebook’s Timeline — a detail Facebook is keenly aware of.
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