Apple has reached a new deal with Warner Music Group that will allow the company to lower the rate it pays the music giant for proceeds from its catalogue of songs, reports Bloomberg on Thursday. This new deal marks a first for Apple who is trying to renegotiate with music labels as Apple Music becomes more popular, and a growing source of revenue for the music industry.
Warner Music Group
Tucked away in its earnings release on Monday, major music-player Warner Music Group announced that revenue from streaming surpassed revenue from downloads for the first time. This signals a major turn in the industry, as an old school player is finally revealing it may be comfortable, and on board, with the shift in how customers consume music.
The media discovery service Shazam and Warner Music Group (WMG) have struck an interesting partnership that will see the former not only discover new acts by analyzing what new songs people tag most, but also sign them to a new Shazam branded label.
Yup, you read that right: the development marks the arrival of the first crowd-sourced record label. Shazam is the world's top music-tagging and discovery engine and WMG is the largest American-owned music conglomerate worldwide, the third largest label in the global music industry and one of the big three recording companies...