The impact of YouTube goes way beyond the music industry. It seems an entire generation is turning away from traditional broadcast media, eschewing satellite and cable subscriptions and even television sets altogether in favour of phones, tablets and laptops with a super-fast broadband connection. Against this backdrop, native YouTube talent has reached global scale without the help of traditional media.
Source: YouTube and the music business: Sympathy For The Devil (Pt. 2) – Music Business Worldwide