The Recording Industry Association of America (RIAA) declared its love for Apple’s iCloud today, following Apple Inc.’s early June announcement that it has signed agreements with all four major music labels in preparation for the digital music storage service’s launch this fall.
“This groundbreaking new model exemplifies the unique cultural benefit that springs from the partnership between music and technology,” said RIAA Chairman and CEO Mitch Bainwol. “When a service comes along that respects creators’ rights and ignites fans’ appetites for their music collections, it’s a win for everybody.”
Warner Music Group, EMI Music Group, Universal Music Group and Sony Music Entertainment will get 70 percent of iCloud revenues, with music publishers getting 12 percent and Apple retaining the remaining 18 percent. The service is expected to charge a $25 annual subscription fee. Indie label arrangements remain unknown, although a few have expressed objection to deals they have been offered.