(Reuters) – Common Music Group (AS:UMG), the world’s greatest music label, and Swedish streaming big Spotify (NYSE:SPOT) have reached a brand new multi-year settlement for recorded music and music publishing, they mentioned on Sunday.
The publishing settlement establishes a direct license between Spotify and UMG throughout Spotify’s present product portfolio within the U.S. and a number of other different nations, they mentioned in a press release.
“Artists, songwriters and customers will profit from new and evolving provides, new paid subscription tiers, bundling of music and non-music content material, and a richer audio and visible content material catalog,” the businesses mentioned.
The partnership will guarantee fixed innovation, making music subscriptions much more engaging to a broader worldwide viewers, Spotify founder and CEO Daniel Ek mentioned.
Spotify has laid off workers, pulled again podcasts and lower advertising and marketing spending over the previous 12 months to spice up profitability. It has additionally raised costs of its U.S. plans to capitalize on demand for its premium merchandise.
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