Spotify's Shares Rise Nearly 6% Following New Universal Music Group Deal
July 22 2020 - 1:47PM
Dow Jones News
By Kimberly Chin
Shares of Spotify Technology SA rose nearly 6% on Wednesday to
$292.10 after the company reached a new licensing agreement with
Vivendi SA's Universal Music Group.
Spotify's deal with the world's largest record company will help
it secure a massive catalog of streaming content and includes a
"two-sided marketplace" term that involves music companies
potentially paying for marketing, data and analytics, The Wall
Street Journal reported.
The companies said they will work on developing marketing tools
and campaigns that can be used on Spotify's platform. UMG will also
provide feedback to Spotify's development team.
Spotify's shares have gained about 95% year to date.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 22, 2020 13:32 ET (17:32 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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