Last year, MBW broke the news that Spotify was trying to negotiate the royalty rate it paid record labels down from 55% of revenue closer towards 50%.

After two years of negotiations, the streaming platform finally reached a new long-term licensing deal with Universal Music Group in April.

Universal agreed to a smaller revenue share – believed to be around 52% – but Spotify in turn agreed to be pegged to subscriber growth targets, as well as offering other benefits.

To put that into context, 1% of Spotify’s revenue last year equated to approximately €29m ($33m) – so an industry-wide dip from a 55% to a 52% rev share would prospectively save Spotify somewhere near $100m annually.

Now Apple is believed to be on a similar mission.