Radiohead, Billy Bragg critical of YouTube royalties

Radiohead, Billy Bragg and others have come out strongly against the relationship between their record labels and video streaming super-site YouTube. According to this cnet report. Billy Bragg noted:

Google, YouTube's owner, is a company that makes billions in profits,We think they should be paying artist royalties from the advertising revenue they make. A dispute like this illustrates the needs for the creation of the Featured Artists Coalition, so we have a voice and the public understand that sites like Google should be paying for music.

YouTube responded with this statement:

We absolutely agree that artists and writers should be paid from the advertising revenue earned from their content on YouTube. That is precisely what we are offering the PRS.

Much of the controversy in the UK stems from a failure of the PRS ("Performance Rights Society") reaching an aggreement with YouTube. As a result, music video content was recently yanked from the UK version of YouTube.