Apple Has Signed Deal With Warner Music: Report

Monday, 3 Jun 2013 | 11:26 AM ET
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Apple is close to launching its music-streaming service for iTunes and could announce the new service as soon as next week, CNBC has confirmed.

The tech giant has signed a deal with Warner Music Group giving Apple the rights to the record label's recorded music and music publishing. As part of the agreement, Apple will give Warner 10 percent of ad revenue, according to The Wall Street Journal report.

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Apple could make the announcement at its annual developers conference, which begins next Monday in San Francisco.

Though still a top provider of music downloads, Apple is late to the music-streaming game.

(Read More: Google Launches Music Service, Refreshes Maps)

The company will be going head to head in the space with companies such as Spotify, Pandora and Google, which launched a subscription music-streaming service at its developers' conference in May.

By CNBC's Cadie Thompson. Follow her on Twitter @CadieThompson

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  • Matt Hunter is the senior technology editor at CNBC.com.

  • Cadie Thompson is a tech reporter for the Enterprise Team for CNBC.com.

  • Working from Los Angeles, Boorstin is CNBC's media and entertainment reporter and editor of CNBC.com's Media Money section.

  • Jon Fortt is an on-air editor. He covers the companies, start-ups, and trends that are driving innovation in the industry.

  • Lipton is CNBC's technology correspondent, working from CNBC's Silicon Valley bureau.

  • Mark is CNBC's Silicon Valley/San Francisco Bureau Chief covering technology and digital media.