Spotify, Warner Music Collection signature a new multi -year distribution deal

(Reuters) – The companies said on Thursday that Spotify and Warner Music Group, which have signs behind artists such as Ed Sheeran and Dua Leba, signed a new multi -year new deal to record and publish music.

Under the deal, Spotify will have a direct license from the ARM Warner Chapell Music of WMG, with a population of more than a million move rights in the United States and many other countries.

The financial conditions of the deal have not been revealed. Spotify and WMG refused to comment when calling it by Reuters.

The companies said that the agreement between WMG and Tpactiony will expand paid subscription levels and advance new content packages.

Swedish Streaming Giant with WMG follows a similar advertisement with the largest music brand in the world, Universal Music Group, which created a direct license between the two companies via Spotify’s portfolio.

The new transactions can help the broadcasting company to provide new offers to attract more subscribers. The CEO of Spotify Daniel Ek said on Tuesday that the company would have made custom offers, including a distinctive layer called “Superfans of Music”.

Separately, WMG, who also represented artists such as Adele, Wiz Khalifa and Madonna, acquired the rights of a seat in Tempo music that he said would enhance Warner Chapole’s catalog.

WMG shares decreased by 3.1 % in pre -market trade. On Thursday, Warner Music Company told the results of the first quarter, as its revenues of $ 1.67 billion came in line with the estimates collected by LSEG.

(Participated in Gasbit Singh reports in Bangaluru, edited by Leroy Liu)