Foot meet bullet
Although we don't have the full details, so let's presume it's somewhere in the middle. I would seriously think this is going to hurt the PRS (and in turn musicians) far more than YouTube.
The PRS state that Google has plenty of cash, but that is a crap argument. I wouldn't pay £500 for a tin of baked bins, even if I won the lottery, just because I have a lot of money.
The PRS can't complain if YouTube yank the Vids, it's the service they provide for their own purposes, it's not there for the musicians or the PRS.
To be honest we're all getting sick of the Music biz complaining that Apple / YouTube / <Insert name> are ripping them off. If they are that bothered, why not set up their own? Oh of course easier to cream the money of someone else's infrastructure and hard work.
I'm not taking sides, here, but on the face of it, PRS will come off a lot worse than YouTube.
Pirate icon as that's where people will turn to.