Apple to pay 70 percent of music subscription revenue to labels, publishers
(Reuters) - Apple Inc said it would pay more than 70 percent revenue from music subscriptions to music owners.
In the United States, Apple will pay music owners 71.5 percent revenue from its $9.99 per month music streaming service, Apple said. The number will average around 73 percent overseas.
Technology website Re/code first reported the news on Monday. (on.recode.net/1MEqI7D)
Apple Music, launched last week, may not differ much from other music-streaming services, but comes with Apple's deep music roots, global brand and hundreds of millions of iTunes customers.
The payments will be to people who own sound recordings that Apple Music will play and owners of publishing rights to songs' compositions, Re/code said.
Apple will not pay music owners anything for its three-month free trial period. The company's payouts were slightly higher than industry standard, the website reported, citing Apple executive Robert Kondrk.
(Reporting by Sai Sachin R in Bengaluru; Editing by Joyjeet Das)
© Thomson Reuters 2017 All rights reserved.