Spotify and Universal Music Group Announce Global, Multi-Year License Agreement
July 22 2020 - 7:30AM
Business Wire
Spotify (NYSE: SPOT), the world’s most popular audio streaming
subscription service, and Universal Music Group (UMG), the world
leader in music-based entertainment, today announced a new,
multi-year global license agreement that further aligns the
companies’ efforts to foster groundbreaking new features providing
value for artists and great experiences for music fans.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200722005444/en/
With this new agreement, the companies advance their
industry-leading partnership, reflecting a shared commitment to
music’s continued growth, deeper music discovery experiences and
collaboration on new, state-of-the-art marketing campaigns across
Spotify’s platform. Additionally, as music’s most innovative
company and one of Spotify’s earliest supporters, UMG will deepen
its leading 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. We've
said all along, the goal of our Marketplace strategy is to harness
Spotify’s ability to connect artists with fans on a scale that has
never before existed and bring new opportunities to the industry.
Together, we look forward to reinvesting in and building new tools
and offerings for artists around the world.”
Sir Lucian Grainge, Chairman and CEO of Universal Music Group,
said, “With this agreement, UMG and Spotify are more aligned than
ever in our commitment to ensuring the entire music ecosystem
thrives and reaches new audiences around the globe. Given our
commitment to innovation and early adoption of music technologies,
and Spotify’s leadership in the development of forward-thinking
tools, our new partnership will provide our artists with new and
powerful opportunities to connect with fans on Spotify’s growing
platform. Working together, our teams will expand and accelerate
our collaborative efforts to deliver artist-focused initiatives,
strategic marketing campaigns and new offerings to provide exciting
new experiences for fans worldwide.”
About Spotify Technology S.A.
Spotify transformed music listening forever when we launched in
2008. Our mission is to unlock the potential of human creativity by
giving a million creative artists the opportunity to live off their
art and billions of fans the opportunity to enjoy and be inspired
by these creators. Everything we do is driven by our love for music
and podcasts.
Discover, manage, and share over 50 million tracks, including
more than 1 million podcast titles, for free, or upgrade to Spotify
Premium to access exclusive features for music including improved
sound quality and an on-demand, offline, and ad-free listening
experience.
Today, we are the world’s most popular audio streaming
subscription service with a community of more than 286 million
users, including 130 million Spotify Premium subscribers, across 92
markets.
We use our Investors and For the Record websites as well as
other social media listed in the “Resources – Social Media” tab of
our Investors website to disclose material company information. For
more information, images, or to contact the press team, head over
to https://newsroom.spotify.com/.
About Universal Music Group
Universal Music Group (UMG) is the world leader in music-based
entertainment, with a broad array of businesses engaged in recorded
music, music publishing, merchandising and audiovisual content in
more than 60 countries. Featuring the most comprehensive catalog of
recordings and songs across every musical genre, UMG identifies and
develops artists and produces and distributes the most critically
acclaimed and commercially successful music in the world. Committed
to artistry, innovation and entrepreneurship, UMG fosters the
development of services, platforms and business models in order to
broaden artistic and commercial opportunities for our artists and
create new experiences for fans. Universal Music Group is a Vivendi
company.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200722005444/en/
Press For Spotify: Chris Macowski
cmacowski@spotify.com +1-347-429-3396
For Universal Music Group: Andy Fixmer
andy.fixmer@umusic.com +1-310-865-0132
Spotify Technology (NYSE:SPOT)
Historical Stock Chart
From Aug 2024 to Sep 2024
Spotify Technology (NYSE:SPOT)
Historical Stock Chart
From Sep 2023 to Sep 2024