Warner and YouTube Renew Licensing Deal to Keep Music Streaming
(Bloomberg) -- Warner Music Group extended a licensing deal with YouTube, ensuring the label's songs remain on the web's most popular destination for streaming music.
The deal includes recording and publishing rights, Variety reported Friday, citing an internal memo from Warner Chief Executive Officer Steve Cooper. A Warner spokesman confirmed the authenticity of the memo.
Record labels have been at odds with YouTube over the revenue they share for advertising on user-uploaded videos that feature copyrighted music. But YouTube is such a major destination for music fans that the labels have to tread carefully in negotiations.
“We secured the best possible deals under very difficult circumstances,” Cooper said, according to Variety. “Our new deals are also shorter than usual, giving us more options in the future.”
The deal “continues to capitalize on the growth in advertising revenue we've paid to the music industry,” YouTube said in a statement.
To contact the reporter on this story: Lucas Shaw in Los Angeles at lshaw31@bloomberg.net.
To contact the editors responsible for this story: Crayton Harrison at tharrison5@bloomberg.net, Lena Lee
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