Universal Music Group confirms Apple iTunes contract change
Apple, Digital Media, Networks July 6th, 2007
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Universal Music Group confirms Apple iTunes contract change
Universal Music Group has now confirmed that they are indeed not renewing their existing contract with Apple related to their catalog appearing on the Apple iTunes digital media store.
The company said in a statement: “Universal Music Group has decided not to renew its long-term agreement for Apple’s iTunes service. Universal Music Group will now market its music to iTunes in an ‘at will’ capacity, as it does with its other retail partners.”
Their deal with Apple had ended last year and the two companies were operating on a temporary one-year agreement.
Universal is the world’s largest record label while Apple runs the web’s most popular media store. Apple also happens to be America’s third largest music retailer.
Market analysts have said that this decision taken by Universal would enable them to offer some music by some bands exclusively through other online music services.
This would somewhat hurt Apple as they would no longer be able to offer exclusive deals for artists linked with Universal.
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well..that’s maybe a smart decision by Universal Records. On the other hand, Apple iTunes would still be the largest online store that sells digital music. However, that would still have great effect on Apple’s sales and source of music.