Apple Music secures new multiyear deals from major record labels

According to a report from Financial Times, Apple Music signs new deals with worlds top record labels such as Universal Music, Sony Music, and Warner Music.

With these new licensing deals that Apple secures in recent months, it will allow music streaming on Apple Music service from famous artists such as Taylor Swift, Lizzo, Adele, and others. Earlier, there were rumors of Apple bundling Apple TV+ with Apple Music. However, there is no such truth about these rumors. Apple has no plans to work on bundling its subscription services. 

Apple renews and revisits the deals with some of the major record labels across the globe after every few years to determine royalty rates and refresh rights to songs. At this time, Apple signs some of the best multiyear deals. These deals are giving the competition such as Spotify a hard time. 

Spotify has been trying to make deals and in licensing talks with Warner Music and also Universal Music for almost a year. These record labels have been extending the existing agreements with Spotify every month and not yearly basis. 

According to the stats, last year, Apple music had 60 million paid subscribers. There hasn’t been any new update about the stats since then.