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Apple Inc. is seeking to reduce record labels’ share of revenue from streaming as part of negotiations to revise the iPhone maker’s overall relationship with the music industry, according to people familiar with the matter.

The talks cover Apple’s agreements for Apple Music, the two-year-old streaming service offering millions of songs on demand, and iTunes, the store where people can buy individual songs or albums. The record labels’ deals with Apple expire at the end of June, though they are likely to be extended if the parties can’t agree on new terms by then, said the people, who asked not to be identified discussing private information.

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