Universal Music Group has confirmed reports that it has altered its licensing deal with Apple's iTunes service.The world's largest major record label last night released a statement on the matter, telling Macworld UK: "Universal Music Group has decided not to renew its long-term agreement for Apple’s iTunes service. Universal Music Group will now market its music to iTunes in an ‘at will’ capacity, as it does with its other retail partners."
It's the end of fraught negotiations between the two firms. The previous three-year deal between them expired last year, and a temporary one-year agreement was reached.
Stakes are high: while Universal is the label behind one-in-three records released worldwide, Apple's iTunes service has become the thrid-biggest music retailer in the US.
iTunes has also become synonymous with online music services, and is estimated to hand $200 million in profit to Universal each year.
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