Apple’s alleged music streaming service “iRadio” has once again made it in to the news as this time The Verge has reported that sources say the Cupertino-based company is ready to sign its first deal for music service with Universal Music, as early as next week. Here are the exact words from The Verge’s report: “Apple is expected to sign its first internet radio licensing agreement with a major record label perhaps as soon as next week, multiple sources with knowledge of the talks have told The Verge. Universal Music Group, the largest of the major record companies, has reached the final stages of the negotiations and Warner Music is close behind, the sources said.”
A previous rumour stated that Apple’s iRadio service will prove more lucrative for music companies like Sony and Universal Music as compared to Pandora because it has sorted the issues of incentives and now it is close to inking a deal with two music labels. Before this, a report had even claimed that Apple is aggressively working on iRadio, so it could launch the service during this summer.
The New York Post has also published a report related to the alleged music streaming service, which asserted that Apple was struggling to sign a deal with the music labels, as in contrast to Pandora and other music services, the California-based tech giant is offering less incentive to companies and the music labels declined Apple’s proposal.
It is said that the iRadio service was an attempt to increase the music sales of iTunes. According to Fred Wilson, “the music industry really ought to want to see this happen because they are coming to realize that subscription music services can bring in significant revenues. This is an important future business model for them. But they should not make the mistake they made in the mp3 market where they essentially gave one company, Apple, the dominant position in the market.
If the music industry came together, like the banks came together to create ATM roaming networks, to create a subscription music roaming network, they would create a dynamic where no one subscription music service could create the kind of network effects that would allow them to become the dominant subscription music service. And that is very much in the music industry’s interest.”
Source: iPhoneinCanada, 9to5Mac
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