Updated: PRS Slashes Streaming Music Rates; YouTube Still Negotiating

imageGood news for cash-strapped online music services. Royalty collector PRS For Music has bowed to websites’ pleas for smaller charges, more than halving its on-demand streaming music rate from £0.0022 to £0.00085 per track, effective July 1 and lasting for three years.

PRS has effectively heeded sites’ argument that the music biz can make more money overall from the growing number of new online services if it drops its rates. PRS said the move “reflects the changes that have occurred in this part of the digital marketplace since the Copyright Tribunal