Universal Music Group and Spotify Forge New Multi-Year Agreement

The major music label Universal Music Group (UMG) and streaming service Spotify announced an innovative multi-year license deal aimed at improving artist monetization and innovation in music streaming. This removes the much-debated mechanical royalty discount applied by Spotify on UMG songwriters, so they are ensured fair compensation. Both companies will jointly develop new subscription tiers and content bundling to provide a more comprehensive experience for fans and revenue for artists. This partnership is a significant step in the evolution of digital music services, in line with UMG's "Streaming 2.0" vision for the future of music.

 

Source: Music Business Worldwide, Prnewswire, Reuters