UMG and Spotify strike new multi-year deal
A new agreement to enhance music and subscription offers.
Universal Music Group (UMG) and Spotify have announced a new multi-year agreement covering recorded music and music publishing. The deal establishes a direct license between Spotify and UMG across the US and several other countries, aimed at enhancing the streaming experience for artists, songwriters, and consumers.
The partnership promises to introduce new offerings, including upgraded paid subscription tiers and a more expansive catalogue of music and visual content. Both companies emphasise that this collaboration will drive continuous innovation, making music subscriptions more appealing to a global audience.
As Spotify works to improve its profitability, the company has recently implemented cost-cutting measures, including layoffs and a reduced focus on podcasts. It has also raised prices for its US plans to cater to the growing demand for premium services.