"We are pleased to announce that an agreement for a license has been reached and both PRS for Music and YouTube are happy that the negotiations resulted in a mutually acceptable deal," YouTube said in a statement. "As a result of the new agreement, premium music videos in the UK are coming back to YouTube - this is good for songwriters and composers, music fans and YouTube."
PRS for Music collects licensing fees in the country for over 60,000 members. "We have 60,000 song-writer and composer members and many of them don't earn very much money at all - 90 percent of them earn less then 5,000 pounds a year," Adam Shaw from PRS for Music, said.