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.
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