NEW YORK (CelebrityAccess) — After completing a licensing deal with video giant YouTube, Warner Music is reportedly close to striking a licensing agreement with streaming music service Spotify.
According to the New York Post, Warner Music head Steve Cooper is said to be in the final stages of talks with Spotify that would be signed by the end of June.
An agreement with WMG would follow on the heels of similar agreements struck earlier this year with Universal Music Group and indie lable consortium Merlin with Sony and BMG remaining the outliers for the majors who have yet to secure an agreement with Spotify.
As a part of the deal, Spotify has been seeking concessions from lables, including a cut in their fees so that Spotify can attain profitibability. In exchange, Spotify is offering more data and a greater share of guaranteed revenue, the Post reported.
An unidentified source told the Post: “We’re looking for a deal where both sides share in the risks and rewards.”