Shares in Universal Music Group rose after the music label said it signed a multiyear agreement for recorded music and music publishing with Spotify. Shares in Universal Music were 6.2% higher at 25.73 euros in early European trading on Monday.

Spotify and Universal Music Group have struck a new multi-year agreement focused on driving subscriber growth and advancing music monetization.

Universal Music Group and Spotify announced multi-year deals to advance streaming innovation, benefit artists, songwriters, and consumers.

Universal Music Group (UMG) , the world's biggest music label, and Swedish streaming giant Spotify have reached a new multi-year agreement for recorded music and music publishing, they said on Sunday.

Universal Music Group NV and Spotify Technology SA reached a new multiyear distribution agreement that includes compensation for recorded songs and publishing rights. The world’s largest record label and the leader in music streaming said the new deal reflects changes in Spotify’s business model,

The new publishing agreement establishes a direct license between Spotify and Universal Music Publishing Group.

Spotify and Universal Music Group (UMG) have signed a new multi-year agreement for recorded music and music publishing. The partnership, which is focused on growth and innovation, will help "the advancement of artists' and songwriters' success."

Spotify and Universal have reached a multi-year publishing agreement, which will see new subscription tiers and a richer content catalogue.

Spotify (SPOT) and Universal Music Group (UMGNF) entered a new multi-year agreement aimed at enhancing the music streaming experience for both artists and consumers.

The new pact, which broadens the streamer's UMG offerings, is a direct license that covers the U.S. and other territories The post Spotify, Universal Music Group Strike New Multi-Year Music Licensing Deal appeared first on TheWrap.