In summary, the are launching a new paid for music streaming service. They require all labels and artists to sign a contractual deal but the major labels are getting better terms than the independents. If the independents don't agree to the new deal Google have said they will delete all their content from Youtube within days - even before the new service begins.
More details here: Google Now On The Record With Anti-Indie Negotiating Tactics - Create Digital Music
More details here: Google Now On The Record With Anti-Indie Negotiating Tactics - Create Digital Music