Photo: Chris Ratcliffe/Bloomberg/Getty Images
Apple Secures Deal With Warner Music Group
Apple has inked an agreement with Warner Music Group, the company's first deal with a major label since introducing its Apple Music service in 2015, according to a Bloomberg report.
The deal will see WMG provide a catalog of songs that includes GRAMMY winners such as Ed Sheeran, Red Hot Chili Peppers and Bruno Mars, among others, available across the iTunes store and Apple Music. Bloomberg states anonymous sources claim Apple will compensate record labels with a smaller percentage of sales from Apple Music subscribers than it did compared to the first deal for the streaming service, in a bid to reduce its revenue share commitment.
Meanwhile, another source stated that Apple was looking to secure a similar deal with Sony Music.
Apple Music is a key cog in the company's revenue stream, which the company aims to double to approximately $50 billion by 2020. On Sept. 12 Apple is scheduled to debut iPhone 8, the latest iteration of its music-friendly device that has moved more than 1.2 billion units since 2007.