Spotify's been in the news lately for all the wrong reasons, as they're being hit with lawsuits for having unlicensed music in their catalog. But this morning, there's some good news for Spotify. Reuters exclusively reports that the streaming music company is close to striking a deal with Warner Music. The signed agreement should be in place by September.
The terms of the deal haven't been disclosed, but sources have told Reuters that Warner Music is pushing for similar terms as the other deals that have been signed. Warner Music also wants a guaranteed payment that isn't tied to the growth of the streaming service, as well as protection from the growth of indie artists with no label. Recent reports allege that Spotify is putting more and more unsigned and "fake" artists on their popular curated playlists to alleviate their royalty burden.
Spotify finally limited streaming for non-paying customers; that move led to signed deals with the other two major record labels, Universal and Sony, as well as the indie label Merlin. This Warner agreement is a big step in the company's move to go public later this year.