Spotify and Sony Music Group have announced a multi-year extension of their partnership, with an updated expansion to their agreement.
With the expansion, Sony Music Publishing will feature a new direct licensing arrangement in the United States, allowing songwriters to earn more directly from the growth of the streaming platform.
“Our partnership with Sony is built on a shared drive to shape the future of music. Together, we’re accelerating the pace of innovation to create powerful new opportunities and increasing revenue for artists and songwriters,” said Spotify founder and CEO Daniel Ek. “These agreements aren’t just a milestone; they’re a catalyst for building a more dynamic and prosperous music ecosystem for everyone.”
“Sony Music Group and Spotify have long been mutually committed to advancing music streaming and growing the marketplace for all,” added Sony Music Group chairman Rob Stringer. “This is further reflected in our new agreements, where we’re working to develop futuristic approaches that ensure our artists and songwriters remain appropriately compensated for their work, and audiences are getting a high-quality experience that’s ever evolving.”
Spotify and Sony will work in conjunction with one another to create more opportunities for artists and songwriters to feature new product offerings like enhanced audio and visual formats, according to a statement from the companies.
“These deals with Sony Music Group are built to better support artists and songwriters by unlocking new formats and forging deeper connections with fans,” said Spotify Co-President and Chief Business Officer Alex Norström. “This alignment creates space for new opportunities and long-term growth for everyone involved.”
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