Apple is in last-minute talks with record labels before the launch of its music streaming service on Monday

Advertisement

tim cook ipad apple

AP

Apple CEO Tim Cook.

Apple is rushing to secure the final deals that it needs to unveil its music streaming on Monday, Bloomberg reports.

Advertisement

Apple has been working on its new streaming service for years, but negotiations are coming down to the wire. It wants to make deals with as many record labels as possible in order to launch the service with a full selection of music.

But Bloomberg reports that Apple is negotiating over the revenue that music labels get from its service. Labels want more money from Apple than they get from Spotify and other streaming services.

Music labels have already forced a major change in Apple's new streaming service. Apple originally wanted to charge $8 a month for it, but labels weren't happy, and persuaded Apple to bump up the price to the industry standard of $10.

Part of the reason why the talks are so urgent is that Apple has already been forced to delay the announcement of its new Apple TV. That wasn't down to negotiations, though. Instead, it was reported that the device simply isn't ready.

Advertisement

The upcoming Apple Music streaming service is likely to be a key part of Apple's WWDC presentation. The company acquired Beats for $3 billion back in May 2014, and is about to relaunch its Beats Music streaming service as Apple Music. It has reportedly been working with celebrities such as Drake and Pharrell Williams to bring stars to the music streaming service, as well as star BBC Radio 1 presenter Zane Lowe.