Apple's upcoming Spotify-style magazine subscription service, an offering with all-you-can eat access to dozens of publishers, will only pay the media partners 50 percent of the revenue, according to two senior publishing executives from different companies with knowledge of the deal.
Apple plans to take half of the proceeds from $10 monthly subscriptions to the magazine service, leaving publishers to split the rest based on how many people read their stories. "It's a shitty deal," said one publishing executive, who spoke on condition of anonymity. "It seems greedy."
Publishing executives spoke on condition of anonymity for this story because they were not authorized to speak publicly about the deal terms. Apple did not return a request for comment.