According to Russian newspaper Vedomosti, the Universal agreement will include an $8m minimum guarantee from VK to cover a three-year period, which works out to around $2.7m a year.

Warner reportedly signed a $2.5m-a-year deal, while Sony has agreed a $2m-a-year contract.

That means the majors have accepted a minimum guarantee of around $7m a year between them, or $21m in total across the three years. VK is also licensed by Merlin Network and local labels.