The deal establishes a direct license between Spotify and Universal Music across the streaming subscription service’s current product portfolio in the U.S. and beyond, the companies said.

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,

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.

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

Universal Music Group, the world's largest music company, and streaming behemoth Spotify on Sunday announced a multi-year direct deal that will affect both recording and publishing royalty rates.

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

Spotify Technology S.A. (SPOT) and Dutch-American music company Universal Music Group N.V. ($UMGNF) announced new multi-year agreements on Sunday, perking up retail investors' sentiment. The companies said the agreements are for recorded music,