The press release I’ve reprinted below doesn’t spell this out, but I’m told that EMI is only licensing its videos to the venture and isn’t joining as an equity partner; it will get an advance against revenue upfront.

The deal means Warner Music Group (WMG) will be the only one of the four major labels that isn’t working with the video site. But Warner has struck its own deal with Google’s (GOOG) YouTube, which is powering Vevo.

Here’s a crazee promotional video the site has produced, featuring 50 Cent busting up some TVs. Actually, that’s all it is.

VEVO ANNOUNCES AGREEMENT WITH EMI MUSIC

New Premium Music Service to Launch on December 8
with Content from Universal Music Group, Sony Music Entertainment and EMI Music

New York, New York, Monday, December 7, 2009 — VEVO, the new premium music video and entertainment service, today announced an agreement in which EMI Music will join Universal Music Group and Sony Music Entertainment in providing music fans with professionally-created video content when the service debuts on December 8 in the United States and Canada.

As part of this agreement, music fans will be able to view professionally-created video content from artists on EMI’s labels including Astralwerks, Blue Note, Capitol and Virgin, as well as the independent artists and labels represented by EMI Label Services and EMI’s Caroline Distribution unit.

Across the VEVO Network, users will now enjoy the largest selection of premium music content featuring the broadest array of chart-topping artists found anywhere on the Web. VEVO builds upon the success of YouTube, where Universal Music Group, Sony Music Entertainment and EMI Music stream many hundreds of millions of professionally-created videos per month. In addition, VEVO recently announced a content deal with CBS Interactive Music Group.

“Our agreement with EMI Music marks a milestone in our mission to provide fans everywhere with the world’s best premium music video programming, when, where and how they want it,” stated Rio Caraeff, President & CEO of VEVO.  “We look forward to collaborating with EMI on introducing our users to new professionally-created entertainment products through a truly interactive platform. VEVO is about much more than just high-quality videos; it is also about original programming and strengthening the connection between artists and fans through a dynamic and engaging experience; and immediately providing advertisers with the scalability they desire and access to the most sought after demographic on the Web.”

“VEVO offers the value of a powerful, new environment where our artists can showcase their work and create a deeper relationship with fans,” said Elio Leoni-Sceti, EMI Music CEO.  “It’s an exciting entertainment destination for consumers, a tremendous creative medium for artists and also a great platform for brands.”

At its EconCeleb conference in Hollywood today, ContentNext released its list of the most influential and innovative online celebrities today.

It is an interesting and varied list that includes everyone from powerhouse Oprah (pictured here, of course!) to the bisexual sprite, Tila Tequila.

The list, in ascending order:

10. Martha Stewart (she is actually a closet geek)

9. Tila Tequila (vile, but in a good way)

8. Peter Gabriel (a longtime Web pioneer in the digital music space)

7. Radiohead (innovative band pushing Web distribution boundaries)

6. Stephen Colbert (funny online and off)

5. 50 Cent (the urban rap artist as nerd)

4. Oprah Winfrey (um, she’s runs the real world and could run the Internet if she felt like it)

3. Ashton Kutcher (not just a pretty face, but one who gets the power of viral marketing)

2. Will.i.am (for that Barack Obama mashup video alone)

1. Will Ferrell, Chris Henchy & Adam McKay (FunnyOrDie.com might not make money, but it is very funny)