Vevo is going to be the next big thing you hear about.   Currently the site is operating very slow and they failed to launch the site last night like they wanted to with technical problems (probably overloaded traffic) as many are anxious to see.  I can't seem to get through the sign up page, can't seem to search or view other features right now. 

“Friends, we are gathered here today to mourn the loss of a great old cash cow that was the music business,” Bono said. “But friends, we’re also here to celebrate new shoots, new life, and the birth of a new model for our industry.” We have seen other popular video websites besides YouTube such as Hulu, Funnyordie, Porntube etc.

>VEVO was created in partnership by Universal Music Group (UMG), Sony Music Entertainment (SME) and the Abu Dhabi Media Company. It is operated independently by a dedicated management team with offices in Los Angeles and New York. VEVO features the most extensive catalog of premium music content found anywhere on the web thanks to deals with such leading music companies as Universal Music Group, Sony Music Entertainment, EMI Music, Hollywood Records, Walt Disney Records, CBS Interactive Music Group, Big Machine Records, Concord Music Group, Lyric Street Records, ABKCO, Caroline Distribution, Fontana Distribution, INgrooves, IODA, RED and The Orchard, among many others.