Apple has made an offer to record labels for its rumored music streaming service that is half what competitor Pandora is paying, reports the New York Post.
The tech titan, the most valuable company in the world, made an initial offer to the label of about 6 cents per 100 songs streamed, sources said. That’s about half of the 12 cents per 100 songs paid by Pandora, the leading online radio service that Apple is taking aim at, sources said.
Music labels want Apple to pay at least 21 cents per 100 songs streamed so the discrepancy is quite large. Spotify reportedly pays 35 cents per 100 songs.
Recently, it was also reported that YouTube is looking to launch its own music streaming service later this year.
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