RIHANNA, 50 CENT HELP LAUNCH VEVO: Web site looking to replace MTV as ultimate music video source.

      U2's Bono gave the opening address, which began, "Friends, we are gathered here today to mourn the passing of the old model that was the music business," according to Billboard.com.

      A joint venture between Sony Music Entertainment, Universal Music Group, and investor Abu Dhabi Media, Vevo launched with clips from three of the four major labels. EMI joined the service just this week, while negotiations with Warner, the sole holdout, are ongoing.

      A number of independent labels, artists and digital aggregators are on board with Vevo as well.

      Performers at the New York launch included Lady Gaga and Adam Lambert. John Mayer, Taylor Swift and Elvis Costello were also in attendance, as were industry titans like Google's Eric Schmidt, Clive Davis, Jimmy Iovine and Tommy Mottola.

      "Its like the Grammys here," Billboard's Bill Werde Tweeted from the event. "The whole business in one room."