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Apple Music said it will pay artists a penny per stream

Apple told artists that it will pay them a penny for every stream from a listener. That is about double what Spotify pays its artists.

The company told artists the news in a letter, which was viewed by Insider, that will be posted on the platform's artist dashboard on Friday. The Wall Street Journal first reported the letter.

In November, the largest music streaming platform, Spotify, told artists they could promote their music to more users. However, in exchange, they will give lower royalty payments.

Apple in the letter also said it pays 52 cents of every dollar to record labels. Apple's new penny-per-stream move is notably one that the reigning streaming giant, Spotify, has not made.

Photo source: Insider

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