"We can't think of it as counting unit sales anymore," said Kenswil. "We have to license ... and think like the publishers." After initially threatening to sue, Universal granted YouTube a license to its catalog, which permits users to repurpose it to create new content. [...]

"It's a whole new revenue stream for our record company," he said. Kenswil wouldn't elaborate on how it worked, but said getting the new deals in place was an involved process, and hinted that he'd much prefer not to have to do it company by company.

"The box is getting smaller, so if you don't think outside of the box your company is going to get smaller." Kenswil said. [...] 

This new way of thinking has also to do with Zune. Just remember the "more than $1" Microsoft pays Universal for rights licensing.

Thats interesting also:

Kenswil urged record labels to partner with independents: "Indies have always been the lifeblood of the industry," said Kenswil. "It will fall on indies even more than before to find talent".

Maybe the last one has something to do with the new Merlin virtual Record Label ? (Read about at the related articles below).

[via TheRegister]

relates articles:
The biggest Record Label emerges
Universal now is after iPod
Microsoft gives revenue to Universal