NEW YORK (TheStreet) -- Shares of Apple (AAPL) are advancing 0.76% to $126.60 in Monday's pre-market trading after pop star Taylor Swift influenced the company which will now pay artists full royalty rates for music during the three-month trial period of its new streaming music service, Reuters reports.
Apple was initially not going to pay artists royalties during the free trial period of Apple Music, its streaming service that was set to become available worldwide on June 30, CNBC.com reports.
However, Swift reacted to this policy publicly in her Tumblr page on Sunday, titled "To Apple, Love Taylor." She stated that is is "shocking, disappointing and completely unlike this historically progressive company," and added that she would hold back her latest album "1989" from the service.
"We don't ask you for free iPhones," she said. "Please don't ask us to provide you with our music for no compensation."
"When I woke up this morning and read Taylor's note, it really solidified that we need to make a change," Apple's senior VP of Internet software and services Eddy Cue said.
After Apple reversed its policy, Swift thanked the company for its support.
Separately, TheStreet Ratings team rates APPLE INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate APPLE INC (AAPL) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, compelling growth in net income, robust revenue growth and notable return on equity. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."