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As music streaming becomes more influential in music's accessibility, companies are developing music streaming friendly products. Apple has already reached a licensing agreement with Universal Music for their prospective streaming service iRadio. However, according to Music Week, the affluent company has yet to reach agreements with Sony and Warner.
While a deal with Warner is close to being made, Apple is still in negotiations with Sony due to disagreements on royalties paid per track stream. Apple initially offered music labels 6 cents per every 100 tracks streamed. Yet to compete with their growing rival Pandora, Apple raised the royalty to 12.5 cents. However, it is uncertain whether Universal Music has agreed to these conditions.
But the launch of iRadio will only be a mutual benefit for the iPhone company and music labels. According to the Financial Times, Apple's iTunes store is the music industry's largest source of digital profits. In 2012, Apple earned an estimated $4.3 billion in music downloads; $3.4 billion being paid to music labels.
In other music- tech business related news, Amazon is developing a range of products, including an audio device that only streams music.
