In an agreement that fits the growing trend of entertainment and the Internet, Warner Music Group Inc. (WMG) and YouTube Inc. have agreed to a revenue-sharing deal that will allow transfers of thousands of music videos and interviews to the millions of everyday people who upload their homemade videos on the popular Web site.
YouTube is the 19-month old company started by two 20-somethings in their Silicon Valley garage. Warner Music ranks as the country's third largest recording company comprising such labels as Atlantic, Asylum, Elektra and Rhino.
According to this NYTimes.com article privately held YouTube is hoping the Warner Music deal will serve as a springboard for similar alliances with other long-established media outlets looking to connect with the Web site's audience, which watches more than 100 million videos per day.
Know More about music and the entertainment industry at BizOfShowBiz.com.
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Tracked on: December 8, 2006 7:20 PM | Permalink to Trackback