Warner Music Group -- now banned from YouTube following failed licensing negotiations -- isn't the only major record label tired of doing business with Google's video-sharing site.

A source familiar with the negotiations tells us that Warner and the three other majors -- Sony BMG, EMI, and Universal Music Group -- all think they could do better creating their own music video Web destinations and are in early talks about forming a joint venture similar in concept to Hulu, the increasingly popular TV-on-the-Web joint venture from News Corp and NBC Unviersal.

Suddenly in penny-pinching mode -- due to a new CFO, a rough economy and low Wall Street expectations -- Google is tired of paying for content that doesn't make it money. Google wants the labels to sign new deals heavy with revenue-sharing and light on licensing fees.

The current deals begin to expire early next year.

The labels agree that their content's future on the Web is ad-supported, but the $25,000 checks have them convinced they could do a better job selling sponsorships, pushing concert tickets, and music sales on their own site.