Apple Signs Multi-Year Deal With Major Record Labels For Music Rights

Apple Music has signed new deals with Sony Music, Warner Music Group and Universal Music Group that will allow music from pop singers such as Taylor Swift, Lizzo, and Adele continues to play on Apple Music.

Apple had previously held talks with record labels on whether to offer a media content package for Apple Music and Apple TV+. If an agreement is reached, consumers will be able to subscribe to Apple Music and Apple TV+ services at lower rates. Nevertheless, as far as the contract is concerned, there is no provision to merge Apple TV+ and Apple Music.

Apple revisits major record labels every couple of years to determine royalties and renew music rights. This time around, Apple has concluded a multi-year deal.

As of June 27 of last year, Apple Music has 60 million paid subscribers, according to iTunes chief Eddy Cue. Meanwhile, Apple's main competitor in the music streaming industry, Spotify, said in October that it had 113 million paying subscribers worldwide.

Via Financial Time

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