AP Business Writer
LOS ANGELES (AP) - Taylor Swift's record label has cut a groundbreaking deal with radio giant Clear Channel that pays the singer and other artists more money now and paves the way for the growth of online radio.
The deal announced Tuesday gives Swift and other artists in the Big Machine Label Group, including Tim McGraw and Reba McEntire, payment for songs played on Clear Channel's traditional radio stations for the first time, starting immediately.
In exchange, the artists agreed to cap their royalties from play on Clear Channel station websites and simulcasts on its iHeart Radio streaming service to a portion of a fixed percentage of revenue.
The deal gives Clear Channel the incentive to boost its online audiences without fear of cost overruns.
(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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