Search engine provider Yahoo! has announced it has signed an agreement with music entertainment firm Sony BMG to extend its video-on-demand license.Under the deal, Sony BMG will receive a cut of advertising revenue, but financial terms were not disclosed.
According to a company statement, in addition to expanding the existing relationship into new areas across the globe, the agreement will add a "broad array" of new Sony BMG videos to the Yahoo! Music catalogue.
The deal will also enable Yahoo! users to utilise a number of Sony BMG recordings in user-generated audiovisual content.
Commenting on the deal, Thomas Hesse, president of global digital business and US sales at Sony BMG, stated: "Yahoo! is a leading force in internet entertainment and [it is] an important part of our overall strategy to make our artists' music videos widely available, while at the same time building a strong future for our online businesses."
He added that his company is pleased to be extending its relationship with the search engine provider and is looking forward to continuing their relationship.
Meanwhile, general manager of Yahoo! Music Ian Rogers said that the deal not only enhances the internet firm's video offerings, but also offers Sony BMG artists increased exposure around the world.
Last year, Sony BMG reached a similar deal with Yahoo! rival Google, which included the Google-owned video-sharing site YouTube.
