Spotify and Universal Music Group have struck a new multi-year agreement for recorded music and music publishing “focused on growth, innovation and the advancement of artists' and songwriters' success.

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.

Spotify and Universal Music Group (UMG) have announced a multi-year licensing agreement that covers both recorded music and

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

The deal establishes a direct license between Spotify and Universal Music across the streaming subscription service’s current product portfolio in the U.S. and beyond, the companies said.

Spotify and Universal Music Group have announced a new, multi-year direct licensing pact that will cover the United States and several other companies, according to a Sunday release. "When we first presented our vision for the next stage in the evolution of music subscription several months ago -- Steaming 2.

Universal Music Group (UMG), the world leader in music-based entertainment and Spotify, the world's most popular audio streaming

While that figure may seem questionable considering how little many musicians make from streaming, it's important to bear in mind that Spotify (like most streaming services) pays

Universal Music Group and Spotify join forces to seal a massive deal that could forever change the future of the music business.