James Delahunty
29 Sep 2009 23:20
According to sources close to the talks, Warner Music Group and Google Inc.'s YouTube video-sharing website are finalizing an agreement that will allow Warner music videos to be featured on the website. YouTube had to pull all video content owned by Warner from the website in December over a dispute over licensing rights.
Sony Music Entertainment, Universal Music Group and EMI Music have all previously renewed deals with YouTube, keeping their content on the website. If the negotiations between Warner and YouTube are successful, then music from the likes of Madonna and Green Day will appear on the website again.
The deal may also open the door to Warner being involved in the new music video venture from YouTube, called Vevo. The new service is backed by Universal Music Group and Sony Music Entertainment. Talks of Warner being involved with Vevo are at "early stages", according to Reuters sources.
Music industry insiders have said that web video is rapidly catching up with radio and television as one of the most important music discovery tools for the market.