Music companies plan music rival to YouTube

Music companies are working on plans to launch their own video site, in direct competition with Google’s YouTube. The move comes as Warner Music pulls all its videos from the site after the two firms failed to agree on a new contract.YouTube has dropped thousands of videos from artists including James Blunt, Madonna and the Red Hot Chili Peppers, and Warner is also insisting that YouTube pull any video featuring songs to which it owns the rights. Warner Chappell, the music firm’s publishing arm, owns classics such as Happy Birthday to You and Winter Wonderland as well as the rights to Cole Porter and music by Eric Clapton, Dr Dre, Led Zeppelin and REM.

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