Let's say you're a music executive. YouTube and Myspace promote your content to the most valuable demographic, and at ZERO cost to you. What do you do? Do you send them a letter of thanks? Invite them to your headquarters for a cocktail party?

Apparently not if you're UMG:

Quoted: YouTube's policy is apparently not enough to appease UMG, as Morris says that the label believes "these new businesses are copyright infringers and owe us tens of millions of dollars."

Good riddance record labels, it was fun while you lasted.