UMG: share up after new licensing agreement with Spotify

(CercleFinance.com) - Universal Music Group (UMG) shares were in demand on the Amsterdam Stock Exchange on Monday morning, after UMG signed a new licensing agreement with Spotify.


At 10am, the music publishing group's shares were up over 6%, making them the biggest risers on both the AEX index and the European STOXX 600.

UMG states that the multi-year agreement will enable it to strengthen and extend its collaboration with Spotify, based on an 'artist-centric' payment model designed to ensure better monetization for performers and songwriters.

The partnership also includes the introduction of new consumer product offerings.

When we presented our vision for the evolution of subscription music a few months ago - called Steaming 2.0 - this is exactly the kind of partnership we had in mind, Universal Music Group said.

Beyond the introduction of a direct license between UMG and Spotify, the so-called 'artist-centric' payment system must ensure that artists continue to be properly remunerated, and that their 'royalties' are protected through the implementation of detection and anti-fraud technologies on online music platforms.


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