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,

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 Spotify, the world's largest paid streaming service, announced on Sunday new, multi-year agreements for recorded music and music publishing "focused on growth,

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.

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

A joint statement said the two firms 'will collaborate closely to advance the next era of streaming innovation.'