Universal Music Group NV and Spotify Technology SA reached a new multiyear distribution agreement that includes compensation for recorded songs and publishing rights.

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.

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

Universal Music Group, the world's largest music company, and Spotify, the world's largest paid streaming service, announced on Sunday new, multi-year agreements for recorded music and music publishing "focused on growth,