YouTube is now the most popular online music service in the world, with one billion users, and it generates millions in advertising revenues, some of which is passed on to record labels and artists.
For example, comedian Steve Kardynal's version of Call Me Maybe has been viewed 14.5 million times.
Bart Baker's piss-taking version of Lady Gaga's Applause has had 10 million views and counting.
While his version of Gangnam Style, which probably wasn't the first to suggest Gangnam sounds a bit like condom, has had 32 million views.
Improvements in the handling of user generated content (UGC) are helping rights holders grow income from YouTube and other licensed platforms. Google's ContentID system has made it easier for rights holders to differentiate between video types, allowing the streaming of non-official user-generated content such as mashups to be licensed and monetised, rather than removed for infringing copyright.YouTube's TrueView tool for advertising is also having a positive impact in monetising music videos. According to YouTube, revenues generated from UGC on its platform have now overtaken those generated by official videos.