In a recent development, Apple Inc. AAPL has announced a new financial incentive for artists who make their music available in Spatial Audio on Apple Music. The move is expected to boost further the adoption of Spatial Audio among artists and subscribers.
What Happened: Apple Music will now pay artists up to 10% more in royalties for tracks with a spatial version available, reported 9to5Mac. This new incentive will be effective from January’s payouts.
Artists will receive the bonus regardless of whether Apple Music users listen to the spatial version. The bonus is calculated based on the proportion of Spatial Available to Non-Spatial Available plays. Therefore, artists who offer all their music in spatial will receive a 10% royalty bonus as a reward for delivering higher quality content and a form of compensation to recognize the additional time and effort required to mix in Dolby Atmos.
Apple Music has seen a significant increase in the number of songs available in Spatial Audio, with the figure rising by nearly 5000% since the feature was launched in 2021. The number of songs available in Spatial Audio has more than doubled in the last year alone.
Why It Matters: This move by Apple Music comes in the wake of the European Parliament’s call for fair and sustainable rules in the music streaming industry. The Parliament has urged the creation of EU regulations to address the current imbalances in the sector.
It also follows the discontinuation of the Apple Music Voice Plan, a subscription service introduced in 2021 that allowed users to access the Apple Music library via Siri on various devices.
Read Next: Carl Pei Thanks Elon Musk For Nothing Phone Cameo In Tesla Cybertruck Ad
Photo by nikkimeel on Shutterstock
Engineered by Benzinga Neuro, Edited by Pooja Rajkumari
The GPT-4-based Benzinga Neuro content generation system exploits the extensive Benzinga Ecosystem, including native data, APIs, and more to create comprehensive and timely stories for you. Learn more.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.