They were formed out of a lawsuit (or thread of lawsuit). The music companies were going to sue YouTube/Google for copyright, so Google basically said, we'll p

They were formed out of a lawsuit (or thread of lawsuit). The music companies were going to sue YouTube/Google for copyright, so Google basically said, we'll provide you the infrastructure to play your Vevo songs free of charge as long as you dont sue out pants off. Worked out in the best interest for both party's