(Reuters) – Universal Music Group ( as 🙂 ), the world’s biggest music label, and Swedish streaming giant Spotify ( NYSE 🙂 have reached a new multi-year deal for recorded music and music, they said on Sunday.
The release agreement establishes a direct license between Spotify and UMG in Spotify’s current product portfolio in the US and several other countries, the statement said.
“Artists, songwriters and consumers benefit from new and evolving offerings, new paid subscription tiers, the merging of music and non-music content, and a richer catalog of audio and visual content,” the companies said.
The partnership will ensure continued innovation, making music subscriptions even more attractive to a wider global audience, said Spotify founder and CEO Daniel Ek.
Spotify has laid off employees, pulled podcasts and cut marketing spending over the past year to boost profitability. It has also collected the prices of its plans for US plans for on-demand use of its premium products.
