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 announced a new deal that sources say improves the payment structure for the streamer's controversial music-audiobooks 'bundle.'

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.

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.

Universal Music Group, the world's largest music company, and streaming behemoth Spotify on Sunday announced a multi-year direct deal that will affect both recording and publishing royalty rates.

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

Universal Music Group NV and Spotify Technology SA reached a new multiyear distribution agreement that includes compensation for recorded songs and publishing rights.

Spotify and the Universal Music Group have struck a new deal that will expand platform monetization and change how songwriters get paid for streams.