In the wake of the on-going row regarding YouTube licensing terms for independent labels, Billboard says that it has obtained copies of an early version of the licensing contract offered by the video streaming platform to indie labels and publishers.

Youtube's contract stipulates that payments will be made per subscriber or based on a percentage of revenue.

The top rate for audio-only music breaks down to 65.5% of the service’s revenue, with 55% paid to labels and 10% to publishers and ...