A music video streaming site launched Dec. 8, 2009 received high benedictions from record labels. Called Vevo, the site marks yet another effort by labels to monetize their increasingly devalued products.

Foraying where MTV has gone, Vevo contains over 30,000 studio-produced music videos from Vivendi Universal Music Group, Sony Music Entertainment and EMI Music, plus content from Last.fm and various other CBS radio stations. The site is a joint venture of these recording companies with Google.

Google has pulled out professionally produced music videos from YouTube, its popular streaming site, and made Vevo its repository. In addition, Google—currently the world’s most successful advertising company—is infusing Vevo with YouTube’s technological know-how. If successful, Vevo could do for the digital era what MTV did for the 1980s.

McDonald’s Corp, AT&T Inc, Colgate-Palmolive Co, and MasterCard Inc, among 20 other companies, have struck advertising deals with Vevo. In exchange for an audience with its highly lucrative demographic, the site has pegged its ad price anywhere between $25 and $40 for every thousand page views.

Backed in part by the Abu Dhabi Media Company, Vevo somewhat replicates a business model pioneered by Hulu. The latter has become very profitable as a one-stop site to watch films and TV shows, drawing the likes of Disney.

For their part, YouTube has inked deals to legitimately use content from several film studios and television networks, e.g. Sony Pictures, MGM Studios, Lionsgate and CBS. Additionally, the site has plunged into partnerships with all four major record labels, including sole Vevo holdout Warner Music Group.

Warner Music Group CEO Edgar Bronfman was visibly absent at the Vevo launch party on Tuesday. The affair was nonetheless studded with all three music industry moguls, together with their talents.

“Vevo is a huge platform, and you know what’s best of all? It’s our platform,” said Universal Music Group CEO Doug Morris at the party.

Google CEO Eric Schmidt took center stage that night, alongside Vevo CEO Rio Caraeff. They hobnobbed with such musical greats as Lady GaGa, Shania Twain, 50 Cent and Sheryl Crow. Guests were serenaded by performances from Mariah Carey and John Mayer, among others.