Apple Inc (AAPL) announced that they were launching a new music streaming service to compete with the likes of Spotify. The service will have a cost, but Apple was happy to announce that there will be a 3-month free trial period for all users.
This sounded great for users, but they also announced that no royalty payments would be made to artists for songs streamed during this trial period. The pop superstar Taylor Swift took issue with this stance, and announced that she would not be allowing her top-charting album, “1989”, to be streamed on the service in protest. She claims this is not about her own music, but in support of all the new artists releasing their first albums, and being denied their vital royalty payments.
Apple was quick to back down, announcing on the morning of June 22, 2015 that they are reversing their policy, and will be paying all artists for all streams, including those made while on the trial period. It took less than 24 hours after Swift’s announcement for this reversal to take place.
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