Apple and Record Labels Working on New Deals

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Bloomberg:

The record labels’ deals with Apple expire at the end of June, though they are likely to be extended if the parties can’t agree on new terms by then, said the people, who asked not to be identified discussing private information.

The negotiations would bring Apple closer to the rate Spotify Ltd. pays labels, and allow both sides to adjust to the new realities of the music industry.
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And:

Apple initially overpaid to placate the labels, who were concerned Apple Music would cripple or cannibalize iTunes, a major source of revenue.

The growth of Apple Music hasn’t been as detrimental to iTunes as labels had feared. But record labels are still asking for precautions.
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