Apple Inc. signed an agreement with Sony Music Entertainment, the final record-company holdout needed for the iPhone maker’s planned online radio service, sources told Bloomberg News.
Sony signed its agreement late Thursday, and Apple plans to announce the service, unofficially dubbed iRadio, at a conference on Monday. Vivendi SA’s Universal Music and Len Blavatnik’s Warner Music Group have reportedly already signed agreements with Apple,
With the record companies on board, Apple plans to announce an advertising-supported service that will compete with Pandora Media Inc. for listeners. IRadio will allow users to build custom stations based on an artist or genre that draws on music from the company’s iTunes library.