Music video network Vevo has pulled its content from MTV.com after the two companies failed to reach an agreement.
Vevo, which is partly owned by Universal Music Group, has stopped the channel from showing videos from many popular artists such as Lady Gaga and Justin Bieber on their website.
This could be a huge blow to not only Universal artists, but to MTV as well.
A Universal spokesman blames MTV, stating:
“[MTV] has been unwilling to negotiate a fair syndication deal with Vevo to carry our artists’ videos and consequently our videos will not be shown on their online properties.”
Meanwhile, MTV is disappointed with Universal’s decision to remove their content, which brings in huge ad revenues. In their statement, they said the following:
“During our recent discussions with Vevo we were unable to reach a fair and equitable agreement for rights to stream UMG artists’ music video content. As a result, UMG has elected to pull their music videos from our Web sites.”
Sad.
[Image via WENN.]