YouTube and Universal have teamed up to create VEVO, a site which will host music videos with the blessings of various recording companies. The site is launching tonight and so far the details sound pretty great.

Mashable is reporting on the launch event and this is what they've learned so far:

  • On stage, Google CEO Eric Schmidt stated that Bono suggested the meeting started VEVO.
  • 85% of all music videos will go through VEVO, with the rest going on YouTube.
  • VEVO will manage all ad sales
  • The music video site is focusing on getting rid of duplicate videos. If you have ever browsed YouTube, you'll find that many music videos do, in fact, have duplicates.
  • VEVO will not launch with HD. That will come out next year.
  • Now this is awesome: VEVO includes synchronized and integrated lyrics
  • The YouTube and Universal joint venture will be premiering new videos from 50 Cent, Mary J Blige, and Mariah Carey tonight. They are all exclusives.
  • You won't have to watch a preroll every time you watch a VEVO video. It will serve ads based on aggregate usage.
  • VEVO will come up any time you search for artists on YouTube
  • VEVO's launch sponsors includes AT&T, McDonald's, Nikon, Mastercard, Dove, Colgate, Axe, and Infinit.
  • Aol and CBS are joining the VEVO music network. This means that users coming through their websites will get VEVO.

Word is that the site is actually already live but bogged down by traffic. Is anyone able to access it? [Vevo via Mashable]