Apple Paying Record Companies Up To $150 Million For iCloud

The New York Post reports that Apple will pay between $100 and $150 million in advance payments to the four major record labels, Sony Music, EMI, Warner Music and Universal, for iCloud license agreements with them. Each of them was offered between $25 million and $50 million. Of course, the total amount will depend on number of songs consumers will store in iCloud.

The New York Post also mentioned that Apple would receive 30 % of fees, the music publishers - 12% and the rest would go towards record labels and artists. Apple is known to have finalized all deals concerning iCloud. The last one was recently sealed with Universal Music. The official iCloud announcement will be made on Monday, June 6, at the WWDC keynote.