It may still take several weeks after Apple announces iRadio before the platform is ready to launch to the public, sources suggest.
Apple’s negotiations over the music industry deals were led by Eddy Cue, who oversees Apple’s iTunes store, App store and iBookstore, and reportedly improved on early offers to music companies.
The major music labels resisted Steve Jobs’s plans for iTunes when the music service was created and did not want to sign a new music streaming deal that might become a damaging precedent for digital music.
Universal Music is believed to have agreed to a royalty of 12.5 cents per 100 track streams, a share of advertising revenue, a lump sum payment and a guaranteed minimum sum.
Last weekend, Warner Music’s Warner-Chappell division became the first music publishing company to agree to a deal with iRadio.
Apple offered Warner-Chappell 10pc of advertising revenue from iRadio, which is double the rates the largest publishers earn from Pandora.
Apple and Sony declined to comment.
Apple’s negotiations over the music industry deals were led by Eddy Cue, who oversees Apple’s iTunes store, App store and iBookstore, and reportedly improved on early offers to music companies.
The major music labels resisted Steve Jobs’s plans for iTunes when the music service was created and did not want to sign a new music streaming deal that might become a damaging precedent for digital music.
Universal Music is believed to have agreed to a royalty of 12.5 cents per 100 track streams, a share of advertising revenue, a lump sum payment and a guaranteed minimum sum.
Last weekend, Warner Music’s Warner-Chappell division became the first music publishing company to agree to a deal with iRadio.
Apple offered Warner-Chappell 10pc of advertising revenue from iRadio, which is double the rates the largest publishers earn from Pandora.
Apple and Sony declined to comment.