At one point they had such an agreement, but according to wikipedia, Apple Inc (the iPhone people) bought the trademark rights to "Apple" outright and relicensed them back to Apple Corps (the record people) as of 2007:

http://en.wikipedia.org/wiki/Apple_Corps_v._Apple_Computer

Which presumably means they are free to do basically whatever they want with regards to using the Apple name on music-related goods and services.