Vevo the joint artist video website venture between Google and major labels such as Sony and Universal Music rolled out last night to the soothing sounds of Bono crooning about the good old days.?

Via: paidContent

The Vevo launch party has been going on for an hour and executives and stars are ready to take the stage. I spoke briefly with Google (NSDQ: GOOG) CEO Eric Schmidt, who told me that Vevo, which is a joint venture between Google’s YouTube and the major record labels, will “revolutionize the music industry by finally allowing it to make money online.” As for how, he told me to wait and see, but he added that advertising, merchandise and ticket sales are part of the mix. As I was being ushered out of the VIP section, I manage to talk with artist Sheryl Crow. Asked what impact Vevo could have on the industry, she said, “Nothing will ‘save’ the music business, but every little thing helps. And anything that puts money in artists’ hands for the work they do is a good thing.”

U2 leader Bono is taking the stage now to start the proceedings: “We are here to launch the great cash cow that was the music business. But we are also here to celebrate a new model for the music business. It’s also a great vehicle that will allow fans to go behind the scenes with their favorite artists.” Still, Vevo is starting off small, it won’t feature HD until sometime next year, he added. [Read More]