MUMBAI: Fans of indie music artistes might have one less reason to visit Youtube, as reports state that it will most likely pull down their music videos from its main site. The news comes after the video sharing site confirmed recently that it will soon launch its own music streaming service.
In a bid to get the service up and running, Youtube is said to have partnered with a number of major and independent labels. However, reports state that Youtube is having difficulty coming to an agreement with a handful of independent labels due to a dispute on the royalty terms. This could mean that music from acts like Arctic Monkeys, Adele and Radiohead might be taken down.
According to reports, indie labels have not been offered the same deals that major labels like Sony, Universal and Warner have. Independent labels apparently have been presented with template contracts that include non-negotiable and unfavourable terms, as compared to those offered by rivals like Rdio and Spotify.
However, a statement released by the company claimed that along with the millions of dollars Youtube generates every year for its music partners, the new service will also bring in new revenue streams.
Youtube's new music streaming service will compete with services like Deezer, Beats Music, Spotify, Rdio and others. The Google owned company could unveil its music service as soon as in the next few months, as it is rumoured that initial testing is already underway.