YouTube will continue be allowed to show legit content from Sony Music, after it inked a new deal with the music company.
Sony Music, owned by Sony Corp, is the second biggest provider of music in the world, and looks after artists such as The Ting Tings, Glasvegas and Kings of Leon.
Although the new deal never looked to be in any real jeopardy, after Warner walked away from a similar contract last year the folks at YouTube must have been more than a little jittery.
Hosting music videos on YouTube is quite the money spinner for the big labels. There are rivals popping up everywhere, however, the most pertinent being MySpace Music.
This means that that YouTube will find it harder to entice the music labels into giving away exclusive video rights.
Next up for contract renewal is Universal Music Group – the largest label around – and EMI. Watch this space to see if the two companies agree new deals and sign on the all-important dotted line.
Via Yahoo! News