Wow! I read this a few hours after posting my revisited Rotten post. Braindeadly should have read Rotten. I was shocked that the Sex Pistols had signed an in perpetuity contract with Warner Bros. in the US, well Techdirt had this story of Braindeadly (Ben Vacas) who apparently did the same thing with the owner of his YouTube network.
As Techdirt states: It's going to become increasingly important that formerly amateur YouTube stars read the contracts they sign with a growing number of upstart "YouTube Networks" very carefully, or else they are going to face situations such as we're seeing with Machinima [owner of the YouTube Network] stars, who are shutting down production because they're locked into lifetime and beyond contracts with the multi-channel network.
It pains me to hear that at this stage of the game people are still signing quickly and not reading or having someone else read, a contract before they sign. There must be such panic to sign, that no thought is given to the consequences. In the case of the Sex Pistols they just wanted to know how much money they would get, which turned out to be very little.