Why don't games have more licensed music?

With the advancement of graphics, storytelling and various other parts of gaming on the rise, comparisons between games and movies become more and more apt. But one thing that there seems to be a lack of comparison to are soundtracks. In movies licensed music is often used to draw an emotion from the viewer, and when done properly it can be powerful and lead to a very memorable moment. 
 
Of course it's not unheard of in games. One of the best examples I can think of is at the very end of Alan Wake. No spoilers, but there is a very fitting song presented at the end of the game. I'm not saying there's anything wrong with game soundtracks, I even downloaded the Super Meat Boy and VVVVVV soundtracks last year, and the song " Far Away" in Red Dead is fantastic. Is it purely a money thing? Is it a creative decision to create a games soundtrack yourself? I understand not using say modern rap in Fable III, but there is even licensed music that could fit that fictional time period.
 
Edit: I'm not suggesting entire soundtracks be composed of licensed music, just one or two songs.