Apple Inc. (NASDAQ: AAPL) has reportedly signed a deal with Sony Music Entertainment, a division of Sony Corp. (NYSE: SNE), clearing the way for the Cupertino company to announce its expected internet radio service at the company’s Worldwide Developer’s Conference next week. Apple has already signed deals with Vivendi’s Universal Music and Warner Music Group, the other two massive music licensing firms.
Word of the deal between Sony and Apple was attributed to “people with knowledge of the situation” by Bloomberg News. No details were available, but Sony had been holding out on both the licensing and publishing fronts. Sony Music Entertainment is the company’s licensing business and Sony/ATV is the publishing business. Apple still needs to sign a deal with Sony/ATV in order to gain access to Sony’s vast music library.
Apple’s Internet radio service, dubbed “iRadio” by everyone but Apple itself, is expected to be modeled on Pandora Media Inc.’s (NYSE: P) streaming radio service. Streaming is expected to be free with an available payment option similar to an on-demand service like Spotify.
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