Spotify and Universal Music Group have finalized a new and expanded multi-year global licensing agreement. As part of the arrangement, announced Wednesday July 22 , the label group deepens its role as an early adopter of Spotify's marketing tools and other tech features that both parties hope will foster more impactful connections between fans and artists in innovative ways. The music streaming leader last renewed with UMG in April In a statement to Billboard, Spotify chairman and CEO Daniel Ek explained that his company's mission is to "give creative artists the opportunity to live off their art, and fans the opportunity to enjoy and be inspired by it," adding, "our Marketplace strategy -- and the tools and services we build to help creator teams engage with, grow, and better monetize their fanbase -- are critical to this mission. Ek said, "Unlike other music promotion options, ours are native to our platform. So not only are artists reaching listeners when and where they are actively choosing to engage with music, but they are reaching listeners who've shown interest in the artist's music and have the potential to listen more. These tools present an opportunity to reach the right audience at the right time in ways artists can't with other platforms. Ek said that he and Grainge have spoken extensively on the ways they can work together on continuing the streaming-fueled resurgence of the once-ailing recording industry.
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We understand that researching the ins and outs of music licensing is very time-consuming and quite confusing. The simple answer is It is common in our digital age to be confused as to whether we own our digital content. When you pay to download music or even movies for that matter, you are essentially purchasing a license; you are leasing the content. Furthermore, you may only play this music in a non-commercial setting.
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Together, we look forward to reinvesting in and building new tools and offerings for artists around the world. Working together, our teams will expand and accelerate our collaborative efforts to deliver artist-focused initiatives, strategic marketing campaigns and new offerings to provide exciting new experiences for fans worldwide. Spotify transformed music listening forever when we launched in Our mission is to unlock the potential of human creativity by giving a million creative artists the opportunity to live off their art and billions of fans the opportunity to enjoy and be inspired by these creators.