Rumor has it that YouTube has recently renewed their global licensing deal with Sony Music Entertainment. The most important online video site will now be allowed to show music videos of the artists who record with Sony Music, like Beyonce and Alicia Keys.

Some of the people who got familiar with the subject, added on Thursday that the world’s second largest music company, Sony Music, has been the first company to sign the deal with YouTube. On the other hand, Warner Music Group decided to end the same contract that it has with YouTube after the December fight about the licensing fees.

Thus, Warner ordered YouTube to take down the music videos from their company. Yet, Sony seems to be seeing something else in the YouTube deal. The company considers the site to be of great value because of the big number of users. This way, the fans of the artists may get to know better the music and videos of their favorite singers.

According to the data from comScore, a Web audience measurement service, YouTube had nearly 100 million viewers and users in December. The site, which is owned by Google Inc, has music videos which license with Vivendi's Universal Music Group, the world's largest music company, and privately held EMI Music.

The music videos industry used to represent a free promotional implement on television, but things have changed since sites like YouTube and News Corp’s MySpace have quickly turned the music video business into faster growing digital revenue. Also the music labels which had signed the deals with YouTube back in 2006 have been since profoundly interested to increase the payment rates they earn from the video site.