Universal Music Group and Spotify join forces to seal a massive deal that could forever change the future of the music business.

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

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.

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

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 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.

While that figure may seem questionable considering how little many musicians make from streaming, it's important to bear in mind that Spotify (like most streaming services) pays