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Apple Reaches New Deal With Warner Music Group [Report]

Apple Reaches New Deal With Warner Music Group [Report]

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Apple has reached a new deal with Warner Music Group, its first agreement with a major label since launching Apple Music, reports Bloomberg.

Warner will provide its catalog to Apple for the iTunes Store and Apple Music. Notably, Apple will pay the label a smaller percentage of sales from Apple Music subscribers than it did under its original agreement.

Apple pushed for a rate cut in this new round of talks after Spotify, the world’s largest paid music service, secured a rate reduction earlier this year. Apple has been paying labels 58 percent of sales, a higher rate than Spotify pays. Apple also traditionally granted publishers a higher rate than its Swedish rival. Apple is now considering giving labels a cut of 55 percent, which would decrease if subscriber numbers met targets.

Apple is also said to be near a deal with Sony Music Agreement; however, a deal between the company and the bigger Universal Music is further off.

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Apple Reaches New Deal With Warner Music Group [Report]