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UMG shares rally after new multi-year pact with Spotify
Investing.com — Universal Music Group (AS:UMG) and Spotify (NYSE:SPOT) have announced a new multi-year deal for recorded music and publishing, the companies announced in a Sunday statement. The agreement includes a direct license between Spotify and UMG, spanning the US and several other countries, they said. “Under the new agreements, UMG and Spotify will collaborate closely to advance the next era of streaming innovation,” the statement writes. “Artists, songwriters and consumers will benefit from new and evolving offers, new paid subscription tiers, bundling of music and non-music content, and a richer audio and visual content catalog.” UMG shares jumped 5%...
