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.

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.

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.

Spotify says it paid $10 billion to the music industry in 2024, which is 10 times as much as it paid out in 2024.