Will Vevo, the music video joint venture, end the industry's dirge?

A splashy music-industry event in New York City on Tuesday night began, inevitably, with a speech by Bono. American Idol runner-up Adam Lambert and pop artiste Lady GaGa closed the gala out. In between, passionate testimonials from Google (GOOG) CEO Eric Schmidt and Universal Music Group CEO Doug Morris (pictured, with Bono), extolling the launch of Vevo: the "premium music video and entertainment service" -- so the industry hopes.