Apple Music Cuts New Warner Music Group Licensing Deal At Lower Rate, Sony Reportedly Next
Apple Music has followed Spotify's lead in pushing for lower payments to artists and labels. Warner Music Group has become the first major label to agree to the lower rates from Apple, according to reports surfacing late yesterday.
Warner Music Group has signed a new licensing deal with Apple Music, Bloomberg first reported yesterday. The agreement, which is Apple's first major music group renewal, reportedly will result in lower per stream payments to artists.
An Apple Music deal with Sony is also close, according to one source. But a deal with the biggest major, Universal Music Group, is reportedly farther off.
These deals come at a time when streaming income is driving growth throughout the recorded music industry. The labels also recently agreed to lower rate payments from Spotify.