News: Record company plans to make money! Shock horror!

YouTube has announced a collaboration with music giant Universal. Launching later this year, the online music video venture will see more than 10,000 music videos provided by Universal. The catch? There will be ads attached… 15 seconds worth of them before the video, to be precise.

Both YouTube and Universal will share ad revenue. The videos will be available via the Vevo.com site (a subsidiary of Universal), and a video player will be available for use on social networking sites. Universal is negotiating with other record companies to join its multimillion dollar venture.