The site YouTube-MP3, which allows users to convert YouTube videos to MP3 files, will shut down after losing a legal battle with the Recording Industry Association of America (RIAA).
Last year, record labels Universal, Sony and Warner, among others, filed a lawsuit against the site. Now, both parties reached a private settlement agreement. Details are not public but according to local media YouTube-MP3 owner, Philip Matesanz would agree to pay a settlement amount.
Currently, there are several sites offering this type of service, but YouTube-MP3 is considered one of the most popular with around 60 million monthly users. It is estimated that it was responsible for 40% of all illegal stream ripping of music from YouTube.