A couple of years ago, it was Britney Spears wobbling across the stage; this time around, it’s Kanye West interrupting Taylor Swift on behalf of Beyoncé and…pfft.

I can’t work up the enthusiasm to describe it, but happily for Viacom (VIA), MTV’s corporate parent, there are plenty of people who will do that for you: The story is dominating Twitter and Google (GOOG), and it’s the lead story on Yahoo’s (YHOO) front page.

You can also see the incident on Google’s YouTube, of course. But you’ll have to do a little bit of hunting since Viacom clips aren’t supposed to be on the most popular video site in the world–because Viacom is still suing Google and YouTube for $1 billion.

Remember that copyright case? It’s still motoring along, slowly but steadily: Executives from both companies are still being deposed, and if things keep moving forward, there will actually be a trial in 2010–some three years after Viacom filed its first complaint.

In any case, here’s the official version, served up by MTV, which says it has generated more than 1.1 million views of the clip since last night.

But if you’re pressed for time, you might prefer this parody version, which only requires 13 seconds and even manages to incorporate some political commentary.

But that was when people still bought CDs. Now everyone from Britney Spears down to the smallest indie band routinely streams music for free, before the disc–or iTunes download–goes on sale, in order to whet appetites–or at least promote concert tours. No big deal.

But I still like the way that Wilco, the best band of all time in the whole wide world (disclosure: I am a big Wilco fan) handles this: Rather than linking up its free stream in a promotional tie-up, the band waits for the album to leak onto the Web, then streams it on their own site. And they ask fans who have helped themselves to an illegal download to donate to charity.

Slight bummer for Warner Music Group (WMG), which would like to sell as many discs as possible, but good vibes for everyone else. And, in truth, a nice promotion for the band as it heads out on tour this summer.

Here’s how the band describes it, via an email sent out last night:

Well, we made it nearly a month with copies of Wilco (the album) floating around out there before it leaked. Pretty impressive restraint in this day and age. But the inevitable happened last night. Since we know you’re curious and probably have better things to do than scour the internet for a download (though we do understand the attraction of the illicit), we’ve posted a stream of the full album at http://wilcoworld.net/records/thealbum/. Feel free to refer to it as “wilco (the stream)” if you must.

We also have our usual guilt abatement plan for downloaders. If you have downloaded the record, we suggest you make a donation to one of the band’s favorite charities, the Inspiration Corporation–an organization we’ve supported in the past & who are doing great work in the city of Chicago. Information and donation button here: http://inspirationcorp.org/.

If you don’t want to click through, here’s a version of the album’s first song, recorded last fall. Not as good as the album cut, in my humble opinion.

Not because the notion is necessarily a terrible idea, mind you. But because musicians and music labels seemed unlikely to be beneficiaries of Washington aid.

Today, however, the music business got one step closer to getting the bill passed: The House Judiciary Committee approved the legislation in a 21-9 vote. There’s a long way to go: If I remember my Schoolhouse Rock correctly, the bill has to get through a Senate committee, then the full House, the full Senate and then President Barack Obama’s desk before it becomes law.

The National Association of Broadcasters, which hits my inbox almost daily with a press release decrying the act and promising its ultimate failure, assures me that “nearly half the House of Representatives already opposes RIAA efforts to feather the nest of foreign record labels.” And that kind of invective may help them quash this thing.

But let me reiterate: I still think the best way to kill this, if you were so inclined, would be to start calling it the “Britney Bailout.”

Per my previous story, here’s the campaign I would run if I was the NAB: “Slap up an ad that shows Britney Spears driving with her kid on her lap or staggering around an MTV stage or cavorting with K-Fed, and run a simple tag line: “Britney wants more money. Tell Congress not to give her any.” But again, what do I know?

Oooh. Here’s that Schoolhouse Rock classic:

So my gut is that there’s little chance that Congress will pass something called “The Performance Rights Act,” which would force radio stations to pay musicians–or at least, music labels–whenever they play one of their recordings.

Mind you, I think the musicians and their labels have a good argument here. Radio stations already pay songwriters whenever their songs are played on the radio–it’s one of the reasons that the music publishing business hasn’t fallen off a cliff even though CD sales have. But the people who actually recorded the song (or who own the recordings) don’t get anything.

The radio stations argue that this is OK because they’re providing free promotion for the industry. But U.S. terrestrial radio stations are just about the only ones who get away with this.

All of the of Internet Webcasters have to pay performers something, and so does Sirius XM Satellite (SIRI). And as Warner Music Group (WMG) boss Edgar Bronfman Jr. likes to point out, there’s only a handful of other countries that give radio a free ride as the U.S. does, and those include North Korea and Iran. Meanwhile, the industry needs the dough more than ever since its primary revenue source keeps falling away.

But… while there are less sympathetic lobbies than the music business, it sure would be easy for the radio stations, which have a pretty good handle on Washington, to knock this one down, no?

Slap up an ad with that shows Britney Spears driving with her kid on her lap or staggering around an MTV stage or cavorting with K-Fed, and run a simple tag line: “Britney wants more money. Tell Congress not to give her any.”

All that said, there are plenty of optimists who think the music industry is going to end up with some kind of extra dough in the end. Industry watcher Glenn Peoples is a smart guy, and he thinks that’s the case. From his Coolfer blog:

“One of two outcomes will come from todays’ three-and-a-half hour hearing on the Performance Rights Act: Either the committee will approve the Performance Rights Act or the National Association of Broadcasters and labels will reach their own agreement. It is very clear the committee members understand the promotional value of radio but think it is unfair that only radio stations get to decide what the amount of that value. The issue of whether there should or should not be a performance right is all but decided. The issue to now be resolved is the value of the right and the timing of its introduction.”

Glenn has comprehensive coverage of the House’s hearing about the issue today. Note the industry’s designated musician: Billy Corgan, best known as the angry bald dude who sang for the Smashing Pumpkins. By all accounts, he turned in an excellent performance today.

[Image credit: Britneyspears.com]

The deal, which extends a previous agreement, has been finalized but not formally announced, multiple sources familiar with the matter tell me. A spokesman from Google’s (GOOG) YouTube said the company would not comment on “rumor or speculation”; Sony’s (SNE) music label declined to comment. Last week, CNET reported that the two companies were “very near” to a deal.

It’s unclear what the final deal terms are, but people familiar with the matter tell me that the negotiations revolved around three components: an upfront payment from YouTube to Sony, the minimum amount Sony will receive each time someone plays a Sony video on the site, and the way the two sides will split revenue generated by any of the label’s videos.

Those terms had previously tripped up Warner Music and YouTube in December, and Warner Music (WMG) artists have been taken off the site while the two companies try to work out a new licensing deal. Sony Music’s artists range from Britney Spears and Beyoncé to Bruce Springsteen and Bob Dylan.

Music videos are some of YouTube’s most popular offerings, but they have also been expensive for the video site. Under the terms of its old deals with the labels, YouTube agreed to pay the music companies either a per-stream fee or a share of ad revenue associated with the clip, whichever is greater. Since YouTube is just beginning to get serious about selling ads next to its content, it’s usually paying the per-stream fee, which industry executives peg at about half a penny per clip.

The music labels have been angling to increase that fee to perhaps eight-tenths of a penny, while Google has been pushing in the other direction, where the two sides would simply share any revenue the clips create.

Infuriatingly, seemingly all of Sony Music’s official YouTube videos have had their embedding function turned off, which means I can’t share them with you. So here’s an unofficial but still excellent clip of The Clash, who recorded for the company’s Columbia label.

Now, back to our regularly scheduled programming: I’m seeing more and more evidence that Apple (AAPL) notwithstanding, the industry’s last few months were bad even by the industry’s own terrible standards.

Earlier this week, a music industry exec told me he thinks that the CD sales decline, which started nearly a decade ago, accelerated at the end of 2008: “[Retail] floor space shrank even more, [unsold CDs] came back even faster, everything got worse, faster,” he told me.

The newest data point: Awful results from Sony’s (SNE) third-quarter earnings report, which covers the last three months of 2008. The company’s Sony Music Entertainment label saw sales shrink 22 percent compared to the previous year due to the “accelerated decline in the worldwide physical music market resulting from the worldwide economic slowdown.”

It’s possible that we’ll see a bit of variation in results from the other big music labels–EMI Music Group, Vivendi’s Universal Music Group, and Warner Music Group (WMG)–based on the makeup of their artist rosters, etc. But the worrisome thing is that Sony’s arsenal included three of last year’s biggest stars: AC/DC, Beyoncé and Britney Spears.

So while it’s possible that Warner Music, which reports next Thursday, won’t have equally brutal results, it’s a fair bet that it will.

Sort-of-related point: If you have a couple minutes and are interested at all about what the music business might look like in the near future, check out this New Yorker interview with Muxtape creator Justin Ouellette.

Ouellette achieved a brief bit of Internet celebrity last year when his free music-streaming site caught on with the the Web cognoscenti, but then folded after receiving complaints from the music labels’ trade group. Now he’s back with a legal version of the site, which will have much smaller ambitions.

This move should temporarily boost traffic at iMeem, which finds itself competing for the ability to premier new releases with rival music services like iLike, MySpace, Rhapsody, et al. Last week, for instance, MySpace got bragging rights over “Chinese Democracy,” the sort-of-long-awaited album from Guns N’ Roses.

But it’s unclear whether these premieres actually help Britney or her label, Sony’s (SNE) Jive: Few of the visitors to MySpace’s GNR page stuck around to listen to the whole album, and hordes of GNR fans don’t seem to have flooded Best Buy (BBY) stores, which have an exclusive on the disc.

But who cares? That’s tomorrow’s problem. For now: Free Britney Spears!

But, for the record, here’s another winner: YouTube. This has nothing to do with the fact that Google (GOOG) CEO Eric Schmidt stumped for Obama, but with the fact that YouTube users are furiously uploading versions of Obama’s Tuesday evening victory speech.

Video tracking service Visible Measures says it has tracked more than 500 versions of the clip embedded below (primarily on YouTube), which had generated some 6.8 million views by this morning. At least two million of those are coming from Obama’s official channel.

But as Obama bumps go, this one is relatively small. As of this afternoon, the speech had yet to crack YouTube’s most popular videos of the month page, which is where we learned that a new video of a nearly-naked Britney Spears has been viewed more than nine million times.