Although the dispute over the publishing rights of this area alone appeared to be, it was actually a proxy to renegotiate the global licensing agreement for Spotify and Warner Music Group. Spotify`s chief financial officer, Barry McCarthy, acknowledged this in an interview. „It`s not really about India,“ McCarthy said on stage at a Morgan Stanley conference. „This is a lever and a renegotiation of the global agreement.“ „Spotify and Warner Music Group are pleased to announce a renewed global licensing partnership,“ the joint statement said. „This expanded agreement covers the countries where Spotify is now available, as well as additional markets. The two companies look forward to working together on effective global initiatives for Warner artists and songwriters and working together to develop the music industry for the long term. With the pact, Spotify now has licensing agreements with the three major labels and Merlin, the global licensing agency for digital rights in the independent sector. The leader in music streaming was last renewed in April 2017 with UMG. Spotify and Universal Music Group have entered into a new multi-year global licensing agreement. As part of the deal announced Wednesday, July 22, the label group is deepening its role of early adoption of Spotify`s marketing tools and other technical functions, which both sides hope will innovatively foster more effective connections between fans and artists. Last summer, Spotify pretty cleverly informed investors that it had signed new global licensing deals with „two of our four major label partners.“ We use our „Investors“ and „For the Record“ sites, as well as other social media, which are listed in the „Resources – Social Media“ tab of our investor site, to disclose key information about companies.
For more information, photos or to contact the press team, go newsroom.spotify.com/. Investors are rallying around the Spotify stock, bought and sold in SPOT, in response to the UMG license agreement. In today`s first hour of trading, Spotify`s value per share fell nearly $300, a record high. The recent rise is twice the share price before the coronavirus. (Goldman Sachs` current spot target is $280, while rbC Capital Markets has set itself at $320 in terms of optimistic financial professionals.) It states: „Spotify and warner Music Group are pleased to announce a renewed global licensing partnership. This expanded agreement covers countries where Spotify is now available, as well as additional markets. Universal Music Group and Spotify announced their multi-year partnership this morning through an official release. Since the previous multi-year agreement of the industry leaders ended in early 2019, it seems that their licensing agreement was simply shaken up every quarter until this agreement was concluded. Neither the financial terms nor the exact duration of the contract were specified in the press release. While spotify`s negotiations with labels have been an angular and lengthy process in the past, according to executives on both sides, they have become more sympathetic in recent years, since streaming now generates most of the music industry`s revenue and prices are usually set…