Apple wants record companies to accept a smaller Apple Music cut

Apple wants record companies to accept a smaller cut from Apple Music streaming revenues, according to a Bloomberg report.  

Currently, deals started at a 58% cut for labels compared to Spotify, which negotiated its payout from 55% down to 52%. Apple’s deals expire at the end of the month but might extend if negotiations stall. The tech giant wants to pay an amount closer to what Spotify pays, according to Bloomberg.