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 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 (SPOT) has signed a new recording and publishing agreement with Warner Music Group (WMG). This multiyear agreement grants it a license