No better time than the present for Vevo to push into MTV’s territory, better known today for low rent reality TV as opposed to music television; to be fair, MTV has launched numerous channels in the past that trade reality shows for actual videos. But no denying there has been a massive shift in MTV’s entertainment priorities over the years.

The NY Post reports that Vevo, a web-based, music-video service co-owned by major labels Universal, Sony and EMI, is planning to start a TV network that would compete specifically with MTV’s music-video network, MTV Hits.

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Following Tuesday’s statement from Vevo that they do not “authorize, condone or otherwise endorse” the actions of music portal Muziic, which added Vevo content to its streaming music service without the ads, the much-hyped music video site has now said content from Vevo will disappear from YouTube’s API.

According to NewTeeVee,Vevo is closing down third parties using the API to serve videos without the company’s permission.

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Vevo, the newest of music video streaming services, has successfully launched today with the help of numerous big-name labels and corporate sponsors. They even managed to convince EMI to join them on the eve of their launch. If EMI, one of the biggest labels out the there, saying yes to Vevo doesn’t tell you that this new streaming site is worth it, plenty of other music labels will tell you again.

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Just in time for Tuesday’s big launch of Vevo, EMI has joined up with Universal Music and Sony Music as a partner with the new online music video service.

With EMI on board, that leaves Warner Music as the lone holdout among the ‘big four’ record companies not part of the Vevo project; hundreds of independent labels are also involved with the music video website. As part of the EMI deal, Vevo can offer video content from artists like Norah Jones, Coldplay and Katy Perry on EMI’s labels, which includes Astralwerks, Blue Note, Capitol and Virgin.

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If you’ve been following the status of the upcoming music video site Vevo, this bit of news may interest you. Vevo is to music what Hulu is to television. According to Reuters, the website is due to launch this winter and has several big companies dying to be a part of it. Hulu has become an overnight sensation, and is backed by NBC Universal, News Corp and the Walt Disney Co. Can they work their magic for music fans?

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Vivendi, owner of Universal Music Group, posted a 16 percent rise in earnings for the first quarter of the fiscal year. Chief Financial Officer Philippe Capron said that they “can see some impact of the recession on our activities, but most are protected by subscriptions.” Primarily the millions of subscribers to World Of Warcraft, the online multiplayer game from Vivendi-owned Activision Blizzard.

Universal Music was able to maintain its earnings at $1.04 billion, with digital sales accounting for 28 percent of recorded music sales revenue. The artists seem to be in good hands, and the upcoming partnership with Google to create the music video site Vevo.com, could amend declining CD sales.

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Hulu, the site that offers free streaming TV shows and movies, is trying to strike deals with major labels Universal, EMI, Sony and Warner to host music videos. The dealings indicate that Hulu is planning to compete directly with YouTube-backed music video site Vevo.com, which is expected to launch later this year.

YouTube has already teamed up with Universal Music Group (UMG) for Vevo, but is also interested in negotiating the addition of the remaining labels to the new video site. Ironically, if all goes as planned, Hulu and Vevo will both stream the exact same music videos licensed from the same labels. They will undoubtedly be contending with each other for our attention in the near future, but if they are offering the same content, how will we choose between the two?

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