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Spotify's music streaming company is close to negotiating a new license agreement with Warner Music Inc - the latest big bargain with copyright music they need before attempting to appear on stock markets in the US, sources familiar with situation, informed Reuters.
The estimated USD 13 billion Swedish company currently plans to direct listing on the New York stock market later this year or early 2018, sources from the agency said.
Both sides are positive that the deal could be signed in September, as important issues have already been negotiated, such as ensuring Spotify's reporting losses of a more favorable revenue split, in exchange for some new albums to be available for paying subscribers.
The exact division of revenue and the volume of the potential guaranteed advance payment to the studio, the home of artists like Ed Sheeron, Bruno Mars and Kylie Minogue, have not yet been agreed.
"Negotiations are at a crossroads," says one of the sources, not wanting to be named because the talks continue. "There are still a number of key issues that remain to be negotiated. If we deal with these issues, it can be a very fast deal, if not - the deal will remain stalled, "
Others believe that by the end of summer the deal could be concluded. "Given the way the negotiations are progressing, I would be surprised if we do not have a deal in September," another source said.
The Swedish Spotify in less than a decade has become the most popular streaming music service in the world, but its financial sustainability depends on its ability to contract licensing music with less burdensome fees.
The main features of Spotify are free and supported by advertising, and subscribers receive unlimited listening opportunity and other premium services. The company faces growing competition from far larger internet players like Apple and Amazon who can afford to subsidize their raid in the music world by drawing on the money they generate in other areas.
The streaming company, which was recently estimated at $ 13 billion, insists on dividing revenue to 50 percent to 50 percent, but Warner Music wants at least 52 percent to remain for them, as in contracts with other companies, sources say.
Earlier this year, the Swedish company has licensed deals with Vivendi's Universal Music Group and Sony Music. As of June, Spotify has 53 million subscribers paying, and as a whole, monthly active users reach 140 million - 40% of global service users. For comparison, Apple holds 19 percent or 28.2 million users by June, while Amazon accounts for 12 percent or 16 million subscribers, according to MIDiA.
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