It had to some..
from SAI:
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.
As the amount of venture / speculative backed plays recedes, making real money beings to impinge into Web 2.0 wonderland. The majors have clearly learned from the Hulu lesson.
It would be really good for the overall experience though if they allowed innovative servces like Pandora to flourish, as its value is not so much the music as the discovery of it.