Universal Music Group and Spotify Announce Expanded Partnership
New York, NY - Universal Music Group (UMG), the world's largest music company, and Spotify, the world's largest paid streaming service, today announced new multi-year agreements for recorded music and music publishing. The agreements prioritize growth, innovation, and the advancement of artists' and songwriters' success.
Key Features
* Direct licensing between Spotify and UMPG, marking the first such agreement in several years.
* Improved payment structure for music-audiobooks "bundling" deal, addressing concerns raised by songwriters and rights-holders.
* New paid subscription tiers, bundling of music and non-music content, and a richer audio and visual content catalog.
* Commitment to artist-centric principles, ensuring fair compensation for artists and protection of streaming royalties.
Industry Implications
The announcement signals a positive development for the music industry, as it demonstrates Spotify's willingness to address concerns raised by artists and songwriters. The improved payment structure and direct licensing agreement are expected to enhance revenue streams for creators.
Executive Quotes
"This agreement furthers and broadens the collaboration with Spotify for both our labels and music publisher, advancing artist-centric principles to drive greater monetization for artists and songwriters," said Lucian Grainge, Chairman & CEO, Universal Music Group.
"Spotify is committed to delivering record payouts to artists and songwriters each year," said Daniel Ek, Spotify's Founder and CEO. "This partnership ensures we can continue to deliver on this promise by embracing innovation."
About Universal Music Group
Universal Music Group is the world's leading music company, with a broad array of businesses engaged in recorded music, music publishing, merchandising, and audio-visual content.
About Spotify
Spotify is the world's largest audio streaming service with over 456 million monthly active users.