Warner Music Group said it began removing its songs and videos from Google's YouTube video sharing site this weekend, after the two sides failed to renegotiate a licensing deal. The sticking point was of course money, with Warner executives apparently frustrated with the amount of money they receive from YouTube, saying the site's payment levels are below those of competitors.
This is particularly interesting considering just last week Universal Music Group said it was on track to break over $100 million from video streaming in this year alone, and credited YouTube for generating the majority of it. Other major labels are also renegotiating their YouTube licenses, which are up for renewal in the next few months, but sources close to the matter believe Warner's move will not spur other labels to follow suit in the immediate future.