Could this be the Hulu of music sites? According to what I’ve been reading, Universal Music Group and YouTube are working on a premium music video Web site. It’s tentatively called Vevo (you laughed when you first heard Hulu’s name, too. Get over it.)

The two companies have apparently been working on a partnership since 2008, and it’s still not completely ironed out. Jacqui Cheng at Ars Technica said that if the deal goes through, YouTube will create the site for Universal and manage the advertising that goes along with it. Advertising revenue would be split between the two companies in a different way than it’s done in the normal YouTube channel model in a way that is more attractive for both YouTube and Universal.

There’s certainly plenty to work with. Greg Sandoval at CNET said that Universal’s normal YouTube channel is the largest, showing more than 3.5 billion videos.