STILL NO DEAL BETWEEN APPLE AND MAJORS—REPORT

As the clock ticks toward Monday’s Apple Music announcement, talks are still drag on with Sony Music, UMG and WMG, Bloomberg reported late on Thursday. At issue, not surprisingly, is the royalty rate.

The labels are pushing to get a larger chunk of revenue than they receive under their current deals with Spotify, according to people familiar with the negotiations. Both sides want to complete a deal before Apple’s annual Worldwide Developers Conference.

“Who is going to get the majority share of the profit from the content?” Tamara Gaffney of Adobe Digital Index told Bloomberg’s Lucas Shaw and Tim Higgins. “Apple has always wanted to get a lot of the share, and they’re now in a negotiating situation with content manufacturers who want more of the share for themselves—it’s a really tough space.”

The majors are seeking a benchmark for negotiations with other services, including Spotify. The labels take 55% of Spotify’s monthly $9.99 rate, and publishers take about 15%. Labels are pushing for closer to 60% from Apple, the sources said.

None of the involved parties was willing to comment on the ongoing talks.