WMG And YouTube To Share Content And Revenue

YouTube and Warner Music Group today announced an agreement to distribute WMG's library of music videos as well as behind-the-scenes footage, artist interviews, original programming and other special content.  In a first-of-its-kind arrangement, YouTube users will also be able to incorporate music from WMG's recorded music catalog into the videos they create and upload onto YouTube.  (press release)

Despite the rumblings last week from Universal expect all of the majors to follow suit shortly.