Common Music Group and Spotify strike new | Inventory Information
(Reuters) – Common Music Group (AS:), the world’s greatest music label, and Swedish streaming giant Spotify (NYSE:) have reached a 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 several other different nations, they mentioned in a assertion.
“Artists, songwriters and consumers will benefit from new and evolving offers, new paid subscription tiers, bundling of music and non-music content, and a richer audio and visual content catalog,” the businesses mentioned.
The partnership will guarantee fixed innovation, making music subscriptions even more engaging to a broader worldwide viewers, Spotify founder and CEO Daniel Ek mentioned.
Spotify has laid off workers, pulled back podcasts and cut advertising and marketing spending over the previous yr 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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