Apple Inc.’s iris software to be sold to retailers and digital audio/video services
Apple Inc. Inc., the world’s biggest maker of music-related digital audio and video products, is set to sell the electronic music software company iris to the music retailers, online services and distributors who depend on the software to deliver their online stores and other digital services.
The transaction is expected to close in the second quarter of next year.
Apple declined to comment.IRIS will retain ownership of all software licenses that it will be sold by the end of 2018, according to a statement from the company.
The company said it will “remain independent of Apple Inc.” and its business activities.
Apple also said it has not yet decided what to do with the iris technology that tracks music consumption and is used in the Apple Watch and Apple TV.IRis will continue to be available to the public, said a statement by Apple that said the company is in discussions with music retailers about its use.
It said the software will be made available for purchase from Apple, Spotify, Pandora, iTunes and other providers in the future.
Apple Inc. said the agreement with the music stores, which it calls Apple Music, “allows us to better provide our customers with the best online experience possible, while continuing to develop the industry-leading music software and services we love.”
The announcement comes at a time of renewed pressure on digital music services and music retailers that rely on Apple’s music-streaming services to sell digital audio content.
Apple has been under pressure to address the rising cost of streaming music as consumers increasingly buy online music through third-party services, such as Amazon and iTunes.
Last month, Spotify said it would stop selling digital music from major labels.
Apple Music is a free streaming music service that streams tracks from major label artists.
The company has been criticized for charging users $9.99 a month for access to over 3 million songs.
Apple also has struggled with a growing number of streaming services, including Spotify, Apple Music and Beats Music, and is trying to compete with Amazon Music by offering subscription services.
Apple’s loss of control of music services has put pressure on Spotify and Apple to find a new way to grow and expand its music streaming business.
Apple last month announced plans to make its own subscription streaming service, dubbed Apple Music Unlimited, in the coming months.
Apple and other music services have faced criticism in recent years from musicians who say Apple has failed to provide the best possible digital audio experience for consumers.
Apple has also been accused of limiting its music content choices, including removing music from its Beats Music service and limiting the ability of artists to make songs available on Apple Music.
Apple last month said that it would no longer offer the Beats Music app, a popular streaming music streaming service.
The deal with Apple will be a major blow to the company’s business as it has struggled to stay ahead of the rising costs of streaming, said Richard Denniss, chief executive officer of Soundex Partners, a music consulting firm.
“Apple is a very successful company.
It has a very good record with customers and has had an excellent track record in terms of delivering the best music streaming experience for music consumers,” Dennis said.
“I think the music industry will be better off for the deal.”