The graph doesn't show revenue from FM or AM radio.

YouTube is comparable to radio. A place people discover and listen to music, which they later buy as downloads, CDs, vinyl, etc.

Much YouTube music views are of official videos that the artists and labels themselves upload.

If anything, the record industry should be paying YouTube more for exposure and marketing. It's time for the record companies to stop freeloading off YouTube and pay their fair share for their use of this important music marketing channel.