Yahoo! Inc. has broad plans to revitalize and grow its video site, which continues to lag behind Google Inc.'s YouTube. According to Bloomberg News, Yahoo wants to tap into the popularity of online video for its key to increasing site traffic. Yahoo says it will launch this new video site by the end of this year.
Yahoo hopes to increase its user-generated content and court visitors with additional content from media companies; including television shows, movie trailers, and music videos, which will come from existing deals with record companies like Universal Music Group and EMI group P1c.
Along with the entertainment video, Yahoo will draw on sports content from the National Football League and Major League Baseball, and news from the Associated Press and CNN. Video content will also be added to Flickr, Yahoo's photo-sharing website.