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Apple, Amazon, Google Reach Royalty Pact With Record Industry

Apple Inc., Inc. and Google Inc. reached an agreement with record industry representatives to set royalty payments for their cloud services.

The Digital Media Association, which represents technology companies, the Recording Industry Association of America and the National Music Publishers Association reached an agreement to set rates for 2013 to 2017. The contract will be submitted to the Washington-based Copyright Royalty Board for ratification, the groups said in an e-mailed statement yesterday.