Reportedly, Apple (AAPL) is buying a stake in UnitedMasters, a music-distribution company formed by Steve Stoute in 2017, trying to undercut major record labels by offering artists full control of their music. The company assists artists who don’t have a traditional record label and distributes their music to all the major streaming services, taking a fee instead of commanding ownership of the underlying music.
“Steve Stoute and UnitedMasters provide creators with more opportunities to advance their careers and bring their music to the world. The contributions of independent artists play a significant role in driving the continued growth and success of the music industry.” stated Apple services executive Eddy Cue.
UnitedMasters raised $50 million in its Series B funding round, valuing the business at $350 million.
Dow 30 component Apple (AAPL) has revolutionized personal technology with the introduction of the Macintosh in 1984. Today Apple leads the world in innovation with iPhone, iPad, Mac, Apple Watch, and Apple TV. Apple’s four software platforms — iOS, macOS, watchOS, and tvOS — provide seamless experiences across all Apple devices and empower people with breakthrough services including the App Store, Apple Music, Apple Pay, and iCloud. Apple’s more than 100,000 employees are dedicated to making the best products on earth, and to “leaving the world better than they found it. To learn more about Apple (AAPL) and track its ongoing progress at Vista Partners Apple (AAPL), Coverage Page.
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