It's still open to debate as to whether YouTube is fully legit on the copyright front in the U.S., but a recent agreement between YouTube and the British MCPS-PRS Alliance has the two groups bringing resolve to the issue of artists and copyright holders being compensated for music played in the UK via YouTube. Smell the karma, everyone: no greed, just straight-up business affairs between two groups that forged an agreement rather than a divide.
Want to make an online mashup of your favorite songs with your own video stylings over the top? No problem... it's covered. Want to upload a video? The copyright holder still gets paid for the broadcast. Over 10 million tracks will be covered through the deal.
We'll spare you the usual blather of pretentious press release quotes and just say that everyone involved is really really excited. And they've gone on record with formulated statements to say so.
According to a statement on the MCPS-PRS web site, "music videos, user uploads and other audio visual content" will now covered. They realize that opening up the broadcast and collecting royalties is a positive step forward, not the path of fear and loathing.
Reports on the Financial Times said that YouTube agreed to pay a flat fee in exchange for licensing music from the MCPS-PRS Alliance. The alliance covers songwriters, composers, and publishing companies in the U.K.