Spotify, Universal Music Group Ink Multi-year Global License Agreement - Quick Facts

(RTTNews) - Music streaming service Spotify Technology S.A. (SPOT) and Universal Music Group or UMG said Wednesday they have entered into a new, multi-year global license agreement.

The companies noted that the agreement reflects a shared commitment to music's continued growth, deeper music discovery experiences and collaboration on new marketing campaigns across Spotify's platform.

As one of Spotify's earliest supporters, UMG will also deepen its role as an early adopter of future products and provide valuable feedback to Spotify's development team.

Daniel Ek, Chairman & CEO of Spotify, said, "From their early experimentation with Marquee, to testing new experiences like Canvas, Universal Music Group has been an important partner in helping to shape the development of our marketing tools. With today's announcement, we will expand on this level of early stage innovation and further strengthen our partnership and shared vision for helping advance artists at all stages of their careers."