Universal Music has struck a deal with a rival of Spotify, and the pact could put artists back at the heart of the music-streaming industry.
Universal Music Group is aiming to seize back control over music streaming. It hopes a deal with a rival of Spotify Technology can put artists—and their music labels—back at the heart of the industry.
“There is no other industry where all content is valued the same, and it should be obvious to everyone that the sound of rain or a washing machine is not as valuable as a song from your favorite artist streamed in HiFi,” said Jeronimo Folgueira, CEO of Deezer, in a joint company statement.The move could pressure Spotify, as well as other music-streaming providers such as Apple and Amazon.com .
Spotify stock is up 1.7% on Wednesday, and the stock has more than doubled this year so far but remains well below its Covid-19 pandemic heights.
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