There have been increasing problems with the posting of music videos and copyrighted musical content on video sharing website YouTube. Last month, YouTube blocked all official music videos being viewed on their site for residents of the United Kingdom – but now the site and the world’s largest recording company, Universal Music Group, are now working together to create their own standalone music and music video website, VEVO.com.

VEVO.com will be the only (legal) online resource in which internet users can view the music videos of artists with Universal Music Group, which includes The Killers, Amy Winehouse, 2pac, 50 Cent and U2. YouTube will maintain the site and provide the design while Universal Music Group will permit them to display the content of their artists. The two companies will then split the advertising revenue when the site goes live later this year.

Chairman & CEO of Universal Music Group, Doug Morris, said:”Vevo will bring the most compelling premium music video content and services to the world’s single largest online video audience. We believe that at launch, Vevo will already have more traffic than any other music video site in the United States and in the world. And this traffic represents the most sought after demographic for advertisers, especially as advertising dollars continue their shift from old media to new.”

Universal Music Group is the most viewed channel on YouTube.com and the fourth most subscribed. The deal will also continue to license YouTube to broadcast the music videos. I’ve checked out the “Under Construction” page of the site and the branding looks pretty funky (take a look HERE). They have a Twitter feed and an e-mail newsletter so that you can be kept posted. I think that this is a great idea, and I’m glad that they are keeping it a stand alone website. While YouTube is great place, I think with the sheer amount of music videos they should really keep them seperate. I’m just keeping my fingers crossed that the advertising isn’t a pain.

Hopefully, in time, more record companies will join YouTube and Universal Music Group in this venture. I’m sure, based up on the amount of channel views Universal Music Group had on YouTube at the time I wrote this (3,848,732,344 Views), that both parties are in for quite a likeable revenue.

What do you think about this new idea? Or you looking forward VEVO going live? Do you think it will help the situation with music video licensing that YouTube is currently in? Will you use VEVO when it’s released? Any other comments? It’ll certainly help me out, being in the UK and unable to access music videos in YouTube. Let us know, fill in the form below.