March 12, 2020 / 5:48 PM / a month ago

Apple signs multi-year deals with major music labels: Financial Times

The logo of U.S. technology company Apple is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann

(Reuters) - Apple Inc has sealed multi-year licensing deals with major music labels like Universal Music, Sony Music and Warner Music in recent months, the Financial Times reported on Thursday, citing four people familiar with the matter.

The new contracts, however, do not include an agreement to bundle Apple Music with the its television service, the report said, adding that a “super bundle” maybe months away.

Apple did not immediately respond to a Reuters request for comment.

The iPhone maker is seeking to bolster its sales with paid subscriptions to services such as Apple Music, but it trails its top rival Spotify Technology SA. Apple has more than 60 million paid music subscribers to Spotify’s 124 million.

Reporting by Neha Malara in Bengaluru; Editing by Maju Samuel

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