The British concern is the only one of the four music majors to have failed to strike a deal — its rivals were all given small stakes in YouTube just ahead of its $1.65 billion (£873 million) acquisition by Google last month.

Alain Levy, the chief executive of EMI’s recorded music arm, said that “we still feel that there are some copyright issues” and its chairman, Eric Nicoli, added that just because the other three had signed up “doesn’t make it right”.

Concerns revolve around whether YouTube’s new copy protection system is good enough to ensure that when visitors use music video clips they are properly paid for — although many in the industry will simply see EMI’s threats as a negotiating tactic.

Industry sources suggest that EMI is battling to secure a deal along the lines of that reached by Universal Music, the world leader, which gave it about 1 per cent of YouTube’s equity and a payment of about eight-tenths of a cent every time that a Universal song is played on the site.

Mr Nicoli said that both EMI’s recorded music and publishing divisions were considering whether to withhold permission to use any of its artists’ material. The publishing arm is currently the world leader, and owns rights to songs written by Artic Monkeys, Eminem and the Scissor Sisters.

For music videos or clips to appear on YouTube, or any new medium, both the recording company and the music publisher have to give permission — and they are often part of separate companies.

The executives’ warning came as EMI reported half-year results, with profits tumbling to £3.2 million, compared with last year’s £46.8 million, in figures well flagged to the market in previous trading statements. The company reiterated that it expects to deliver full-year revenue growth.

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